G7, EU agree oil price cap to reduce Russia war funding
The G7 and EU on Friday agreed a $60-per-barrel price cap on Russian oil in an attempt to deny the Kremlin of war resources, as President Vladimir Putin said more strikes on Ukrainian infrastructure were “inevitable”.
The price cap, previously negotiated on a political level between the G7 group of wealthy democracies and the European Union, will come into effect with an EU embargo on Russian crude oil from Monday.
The embargo will prevent shipments of Russian crude by tanker vessel to the EU, which account for two-thirds of imports, potentially depriving Russia’s war chest of billions of euros.
