G7 price cap on Russian oil: All you need to know
BRUSSELS: The Group of Seven nations, Australia and the 27 European Union countries imposed on December 5 a price cap on Russian crude oil transported by ships, aiming to reduce Moscow’s ability to finance its war in Ukraine and preserve stability on the global oil market.
The price cap comes on top of an EU embargo on buying seaborne Russian crude oil as a measure aimed mainly at providing third-party countries with an option to still buy it if the transaction is at or below the price cap level.
Below are the main elements of how the price cap is supposed to work:
