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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