G7, EU, Australia to cap price on Russian oil at $ 60 per barrel

Members of the Group of Seven (G7) and Australia have agreed to set the price cap on Russian oil at the level of $60 per barrel, the countries said in a joint statement. The price cap on petroleum products, agreed by the G7 and Australia, will come into force on February 5, 2023, the countries said in a joint statement. "We reiterate our decision that the price cap on Russian-origin petroleum products will enter into force on 5 February 2023. We will announce the maximum prices for Russian-origin petroleum products (one for high-value and one for low-value refined products) separately," the statement says. Countries of the Group of Seven and Australia are set to gradually phase out the use of Russian oil on their domestic markets, according to a joint statement released. 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." 

#COREPERII | ✅ Ambassadors have just reached an agreement on price cap for Russian seaborne #oil . Written procedure follows, decision will enter into force on publication in the Official Journal. EU stays united and #StandWithUkraine. #EU2022CZ pic.twitter.com/92vHTFDzxV

— EU2022_CZ (@EU2022_CZ) December 2, 2022

The price cap,an idea of the Group of Seven (G7) nations, aims to slash Russia’s revenues from selling oil, while preventing a steep increase in international oil prices