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.
