Image: ReutersThe Group of Seven nations and Australia on Friday said they had agreed on a $60 per barrel price cap on Russian seaborne crude oil
The G7 and Australia said in a statement the price cap would take effect on December 5 or very soon thereafter. The price cap, a G7 idea, aims to reduce Russia’s income from selling oil, while preventing a spike in global oil prices after an EU embargo on Russian crude takes effect on December 5.
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G7 coalition agrees $60 per barrel price cap for Russian oil - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day.
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