Skip to content
Edit post

G7, Australia agree on $60 per barrel price cap for Russian oil.

by The Kyiv Independent news desk December 3, 2022 10:29 AM 1 min read
This audio is created with AI assistance

The agreement, which was reached late on Dec. 2, follows a decision by the EU to set a $60 per barrel price cap for Russian seaborne crude oil.

An embargo on Russian seaborne oil approved by the EU in June will take effect on Dec. 5, while the US, UK, Canada, and Australia have already banned Russian oil.

Since the G7 countries, except for Japan, and the EU are banning the imports of Russian seaborne oil, the price cap is a measure intended mostly for countries outside G7 and the EU. Insurers for the global oil market will be banned from dealing with Russian oil priced above the cap.

In a joint statement, the G7 group announced that the cap would come into effect on Dec. 5 "or very soon thereafter.”

In the same statement, the G7 said the cap was "to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets and to minimize negative economic spillovers of Russia's war of aggression."

"The Price Cap Coalition may also consider further action to ensure the effectiveness of the price cap," the statement reads.

Earlier on Dec. 2, the EU reached an agreement on the price cap after overcoming resistance from Poland, Estonia, and Lithuania, whose leaders called for the cap to be as low as possible to cause maximum damage to Russia’s shrinking economy.

News Feed

8:02 PM  (Updated: )

Ukrainian drones strike missile, drone arsenal in Russia's Bryansk Oblast.

Ukraine's military intelligence (HUR) struck on June 28 the 1060th Material-Technical Support Center in the city of Bryansk, Ukraine's General Staff said. The facilities store a Russian missile and drone arsenal, Ukrainska Pravda reported, citing a source in HUR.
11:06 AM  (Updated: )

Poland's Duda arrives in Kyiv to meet with Zelensky.

"Andrzej has been with Ukraine since the first days of the war, always side by side, a reliable ally and a true friend. This is undoubtedly the level of relations we want to preserve and strengthen with Poland," President Volodymyr Zelensky said.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required
Subscribe
* indicates required
Explaining Ukraine with Kate Tsurkan
* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.