The G7 agreed to set a price ceiling for Russian oil at $60 per barrel.

The G7 and Australia have announced an agreement to set a ceiling for offshore oil purchases from Russia at $60 per barrel.

In a statement, the group said: “The G7 countries and Australia, as current members of the pricing alliance, reached an agreement on December 2, 2022, which sets a price ceiling for Russian oil at $60 per barrel, as collectively decided by the member states of the European Union.” .

The G7 policy to cap Russian oil prices comes into effect on or shortly after December 5th.

The Group has indicated that its decision to impose a price ceiling on Russian oil products will come into effect on 5 February 2023, with a price ceiling to be announced at a later date.

Source: News

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