A price cap on Russian oil set by the Group of 7 industrialized nations plus Australia went into effect Monday to prevent Russia from profiting from its war of aggression against Ukraine.”
European Union diplomats agreed to cap the price of Russian oil at $60 per barrel (57 euros; 49 pounds) in an effort to keep the crude on the market but limit Russias revenue.
Most of the major shipping companies, creditors and insurers are in G7 countries — Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, along with the EU.
The cap comes a day after the Organization of the Petroleum Exporting Countries plus non-OPEC allies agreed to move ahead with reducing oil production by 2 million barrels per day through 2023.
