NEW DELHI: The Group of Seven (G7) nations, the European Union and Australia imposed a $60 per barrel price cap on Russian seaborne crude oil, with effect from Monday.
The price cap came on top of a European Union embargo on import of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain.
European officials touted the price cap as a way to starve Russia’s war machine. However, Russian oil is already trading at a discount, making it less likely that the move will disrupt markets.
