WASHINGTON, Nov 4 (Reuters) – The price cap on Russian oil exports to be imposed by G7 countries and Australia next month will apply only to seaborne cargoes through the first landed sale and will exclude shipping and trading costs, a coalition official said on Friday.

Details of the price cap are being finalized as a Dec. 5 deadline for launching the scheme and a European Union embargo on Russian crude approaches, but discussions on the level of the price cap are still continuing. The plan aims to scales back Moscow’s oil revenues to levels prior to its invasion of Ukraine while keeping Russian crude on the global market to avoid further price spikes.

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