The G7 countries, the European Union and Australia have agreed to impose a $60 per barrel price cap for seaborne oil from Russia starting from December 5 for their territories and ships, the European Commission said in a statement and explanatory documents published today.
”Today, the G7 agreed on a price cap for Russian oil, the EU Council also approved this decision. The cap will be set at $60 per barrel and will be adjustable in accordance with the market fluctuations,” the documents read.
It is specified that the price cap for crude oil will come into force from December 5, and for oil products from February 5. The exact price for the latter will be finalized soon.
