G7 to cap price on Russian oil at 60 USD per barrel
(VOVWORLD) - The Group of Seven (G7) nations, and Australia have agreed on a 60 USD per barrel price cap on Russian seaborne crude oil as part of an international campaign to curb Russia’s finance ability through energy sales.
 Pump jacks are seen at Imilorskoye oil field outside the west Siberian city of Kogalym, Russia (Photo: Reuters/ VNA) |
The G7 and Australia said in a statement the price cap would take effect on Monday or very soon thereafter.
The EU agreed on the price on Friday after holdout Poland gave its support. The price cap, a G7 idea, aims to reduce Russia’s income from selling oil while preventing a spike in global oil prices after an EU embargo on Russian crude takes effect on December 5.
A member of Russia’s Federal Assembly called the move a violation of market regulations.