BRUSSELS, Belgium —
The EU in December imposed an embargo on Russian crude oil coming in by sea and — together with its G7 partners — set a $60-dollar-per-barrel cap for exports around the world. The price caps on those transported products work by establishing a ceiling for the cost of fuel that can be transported on ships.
In a separate statement, US Treasury Secretary Janet Yellen applauded the latest decision and said it built on earlier efforts.
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