The G7 countries agreed to apply a maximum price of $60 per barrel of oil transported by sea from Russia.
In a statement, the group pointed out that the European Union had taken a similar decision earlier on Friday.
And it considered that the countries of the group have fulfilled, through this decision, their obligations to cut off Russia’s profits in the Ukraine war.
It also indicated that the decision aims to reduce the negative impact of the Russian-Ukrainian war on global markets.
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The statement stated that the decision will enter into force on December 5.
Australia also took a similar decision to apply a maximum price per barrel of oil transported by sea from Russia.
On Friday, European Union countries agreed to apply a maximum price of $60 per barrel of oil transported by sea from Russia.
The G7 countries and the European Union were negotiating to set a maximum price for Russian oil.
The price ceiling applied to Russian oil is to be reassessed every two months.
Russia announced that it would not sell oil to countries participating in the application of a price cap on its oil
The G7 is an organization that includes 7 of the world’s largest economies, namely the United States, Canada, Germany, the United Kingdom, France, Italy and Japan.