Russia, responding to US' apparent overture, says West must recognise Moscow's declared annexation in September of"new territories" from Ukraine before any talks with President Putin, as fighting enters its 283rd day.
In a joint statement, the nations said the price cap per barrel of seaborne Russian-origin crude would come into force on December 5 or"very soon thereafter." The Group of Seven nations and Australia have agreed to adopt a $60-per-barrel price cap on Russian oil, acting shortly after the European Union reached unanimous agreement on the same price earlier in the day.
The move is a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. In a joint statement, the nations said the price cap per barrel of seaborne Russian-origin crude would come into force on December 5 or "very soon thereafter."
They said the G7 was delivering on its vow "to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets and to minimise negative economic spillovers of Russia's war of aggression."
G7 is group of 6 white countries + Japan. Qatar, Kuwait are the real wealthiest countries on earth based on GDP per capita
Russia says it will continue to find buyers for its oil, despite a 'dangerous' attempt by Western governments to introduce a price cap on its oil exports Follow our live coverage 👇
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Here's what analysts think of the $60 price cap on Russia oilThe European Union reached a deal Friday for $60-a-barrel price cap on Russian seaborne oil, but analysts have already questioned the effectiveness of the cap.
Source: MarketWatch - 🏆 3. / 97 Read more »
WSJ News Exclusive | EU Asks Members to Set Russia Oil-Price Cap at $60The price cap is the West’s attempt to squeeze the Kremlin’s oil revenues while keeping global oil supplies steady and avoiding an increase in global energy prices. What people? you lying scumbags EU indeed is the 52nd state.. 51st being NATO.. My wife and I have approved a price cap on rib eye steak of $2.50 per pound. I expect my local grocery to comply
Source: WSJ - 🏆 98. / 63 Read more »
Western allies move to cap the price of Russian oil at $60 a barrelAfter months of lobbying by the United States and days of fraught negotiations, Ukraine’s allies are closer to implementing a plan to cap the price of Russian oil starting next week. That’s basically bullying 🤔
Source: washingtonpost - 🏆 95. / 72 Read more »
EU Backs Russian Oil Price Cap of $60 Per BarrelThe European Union reached a deal on a $60 a barrel cap on the price of Russian oil Friday, paving the way for the Group of Seven advanced democracies to launch the unprecedented mechanism on Monday, diplomats said. Moscow has clearly stated it will not sell oil to price cap countries lol I will stop selling to unfriendly countries?! What will happen? Now the only thing left is for Russia to say agree to the price cap. 😆 I don't understand... The EU, the West, are basically at war w/ Russia, sanctioned them to ruin their economy... Didn't work. Now it's 'sell us oil at the price we set' Weird world, weird war.
Source: WSJ - 🏆 98. / 63 Read more »
G-7 joins EU on $60-per-barrel price cap on Russian oilWASHINGTON (AP) — The Group of Seven nations and Australia agreed Friday to adopt a $60-per-barrel price cap on Russian oil, acting shortly after the European Union reached unanimous agreement on the same price earlier in the day. Will India and China follow along? Will we the West buy Russian oil from India? It should be $30 G7 + 1 is 8 innit?
Source: AP - 🏆 728. / 51 Read more »