Cap on Russian oil price from EU, G7 and Australia

Oil fields Kurdistan Region, Iraq

Source: Supplied / Supplied by Ahmad Ghafur

A cap on the price of Russian oil was decided yesterday (2.12.22) by the Member States of the European Union. This was preceded by a similar decision by the G7 countries — known as the G7 — as well as Australia to cap $60 a barrel on the price of crude.


Poland was reacting to the imposition of a cap on the price of Russian crude, but yesterday Warsaw gave its support paving the way for official approval over the weekend.

This means that these countries will not buy Russian oil at a price of more than $60 per barrel.

At the same time, the EU and the G7 have imposed an embargo on imports of Russian oil transported by sea.

The embargo begins on Monday. It is expected that the cap mechanism on the price of Russian crude will also be implemented on Monday. European Commission

President Ursula von der Leyen said this move — to cap the price — would stabilise energy markets around the world and be “regulated over time” to react to market developments.



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