Russian oil price cap put to the test
The price cap on Russian oil agreed by the EU, G7 and Australia came into force on Monday. It aims to restrict Russia’s revenue as punishment for its invasion of Ukraine, while making sure Moscow keeps supplying the global market.
Kremlin spokesman Dmitry Peskov said on Monday the measure would contribute to a destabilisation of world energy markets and would not affect Russia’s military campaign in Ukraine.
The cap took effect alongside an EU embargo on maritime deliveries of Russian crude oil, which comes several months after an embargo imposed by the United States and Canada.
