G-7 joins EU on $60-per-barrel price cap on Russian oil

Posted on AllSides December 2nd, 2022
From The Left
AP Photo, File

The Group of Seven nations and Australia joined the European Union on Friday in adopting a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine.

Europe needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap, which was...

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Associated Press

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https://apnews.com/article/putin-health-covid-prices-european-union-65de1c4934227208bfa68bb7d4c47716

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