G-7 joins EU on US$ 60-per-barrel price cap on Russian oil : The Tribune India

G-7 joins EU on US$ 60-per-barrel price cap on Russian oil

The move is a key step as Western sanctions aim to reorder the global oil market to prevent price spikes

G-7 joins EU on US$ 60-per-barrel price cap on Russian oil

Vladimir Putin. File photo



Washington, December 3

The Group of Seven nations and Australia agreed Friday to adopt a US$ 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.

Europe needed to set the discounted price that other nations will pay by Monday, when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect.

US Treasury Secretary Janet Yellen said in a statement that the agreement will help nations participating in the plan achieve the goal of restricting Putin's "primary source of revenue for his illegal war in Ukraine while simultaneously preserving the stability of global energy supplies." “Today's announcement is the culmination of months of effort by our coalition, and I commend the hard work of our partners in achieving this outcome,” she said. AP

#Australia #Russia

Tribune Shorts


Top News

Powerful 7.8 magnitude earthquake hits Turkey

Turkey-Syria earthquake death toll rises to 2,300; video shows building collapsing like house of cards

Hundreds are still believed to be trapped under rubble, and ...

No scope for hate crimes on basis of religion in secular country such as India: Supreme Court

No scope for hate crimes on basis of religion in secular country such as India: Supreme Court

A Muslim man alleged he was assaulted and abused in the name...

Former Punjab minister Sadhu Singh Dharamsot arrested in disproportionate assets case

Former Punjab minister Sadhu Singh Dharamsot arrested in disproportionate assets case

Will be produced before the competent court in Mohali on Tue...


Cities

View All