EU, G7 Agree on Price Cap on Russia Oil Imports

The European Union and the Group of Seven industrialized nations have agreed on a $60-per-barrel price cap on Russian oil imports in an alleged attempt to starve Russia’s ongoing military campaign in Ukraine.

The bloc and the Group of Seven that includes the UK, Germany, Italy, Canada, the Unites States, France, and Japan, announced the agreement on Friday, saying they would start imposing the price ceiling on Monday.

The EU is also slated to start enforcing an oil embargo on Russian crude deliveries that would ban seaborne shipments, which reportedly account for two thirds of the imports.