Cap on Russian seaborne oil agreed by G7 aims to curtail Putin’s war machine; Ukrainian cities resume scheduled power outages
A price cap on Russian seaborne oil agreed upon by G7 nations comes into force today as the west aims to reduce the Kremlin’s income from fossil fuels as well as curtailing Moscow’s ability to finance its war in Ukraine.
The UK, Japan, Germany, Italy, France, Canada and the US, as well as EU member states and Australia came to an agreement to put a $60 a barrel price cap on Russian oil after Poland, which was holding out, gave the green light to the deal. Russia is the world’s second-largest oil exporter.
