G7 group of wealthy countries and Australia officially agree to cap price of Russian oil at $60 a barrel in line with EU, as they seek to deny Moscow resources for its Ukraine offensive — now in its 283rd day Follow our live coverage:👇
Russia, responding to US' apparent overture, says West must recognise Moscow's declared annexation in September of"new territories" from Ukraine before any talks with President Putin, as fighting enters its 283rd day.
In a joint statement, the nations said the price cap per barrel of seaborne Russian-origin crude would come into force on December 5 or"very soon thereafter." The Group of Seven nations and Australia have agreed to adopt a $60-per-barrel price cap on Russian oil, acting shortly after the European Union reached unanimous agreement on the same price earlier in the day.
The move is a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. In a joint statement, the nations said the price cap per barrel of seaborne Russian-origin crude would come into force on December 5 or "very soon thereafter."
They said the G7 was delivering on its vow "to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets and to minimise negative economic spillovers of Russia's war of aggression."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Here's what analysts think of the $60 price cap on Russia oilThe European Union reached a deal Friday for $60-a-barrel price cap on Russian seaborne oil, but analysts have already questioned the effectiveness of the cap.
Read more »
WSJ News Exclusive | EU Asks Members to Set Russia Oil-Price Cap at $60The price cap is the West’s attempt to squeeze the Kremlin’s oil revenues while keeping global oil supplies steady and avoiding an increase in global energy prices.
Read more »
Western allies move to cap the price of Russian oil at $60 a barrelAfter months of lobbying by the United States and days of fraught negotiations, Ukraine’s allies are closer to implementing a plan to cap the price of Russian oil starting next week.
Read more »
EU Backs Russian Oil Price Cap of $60 Per BarrelThe European Union reached a deal on a $60 a barrel cap on the price of Russian oil Friday, paving the way for the Group of Seven advanced democracies to launch the unprecedented mechanism on Monday, diplomats said.
Read more »
G-7 joins EU on $60-per-barrel price cap on Russian oilWASHINGTON (AP) — The Group of Seven nations and Australia agreed Friday to adopt a $60-per-barrel price cap on Russian oil, acting shortly after the European Union reached unanimous agreement on the same price earlier in the day.
Read more »