The decision to set a ceiling for the price of Russian oil comes into effect

Hasan Almajidy
Hasan Almajidy
1 Min Read

The decision of the Group of Seven industrialized countries, the European Union and Australia to set a ceiling for the price of Russian oil came into effect today, Monday.

The move to set a price ceiling for Russian oil aims to harm Moscow’s revenues from exports and sales of crude oil, as the Russian war against Ukraine approaches a new year.

The Group of Seven countries – the United Kingdom, Japan, Germany, Italy, France, Canada and the United States – as well as members of the European Union and Australia reached an agreement to set an upper limit for the price of Russian oil at $60 per barrel.

The agreement allows Russian oil to be shipped to third-party countries using G7 tankers, the European Union, insurance companies and credit institutions, only if the shipment is purchased at or less than $60 a barrel.

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Posted by Hasan Almajidy
Hasan Almajidy is an Iraqi Musical Artist, Composer and Music Maker from Baghdad. The founder of Almajidy Production Company is a well-known Iraqi writer in Iraq, one of the first contributors to the development of music production and a digital music distributor.
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