G7 joins EU on price cap on Russian oil

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Ukraine calls for price per barrel to be lowered further to hit Russia’s economy harder

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They 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.

The $60 figure sets the cap near the current price of Russia’s crude, which recently fell below 60 dollars a barrel. Some criticise that as not low enough to cut into one of Russia’s main sources of income. It is still a big discount to international benchmark Brent, which traded at about $87 dollars barrel on Friday, but could be high enough for Moscow to keep selling even while rejecting the idea of a cap.

But the West has faced increasing pressure to target one of Russia’s main moneymakers – oil – to slash the funds flowing into Mr Putin’s war chest and hurt Russia’s economy as the war in Ukraine drags into a ninth month. Russia also could sell oil off the books by using “dark fleet” tankers with obscure ownership. Oil could be transferred from one ship to another and mixed with oil of similar quality to disguise its origin.

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China & India are buying Russian oil at market value. BRICS If I'm wrong let me know.

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