G7, Australia join EU in adopting price cap on Russian crude oil

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On 2 December, the US Department of Treasury reported that following the agreement by the 27 EU member states, the members of the G7 (the US, Canada, France, Germany, Italy, Japan, and the UK) and Australia are “joining the EU in adopting a price cap of $60/barrel on seaborne crude oil of Russian Federation origin. The price cap is an important tool to restrict the revenue Russia receives to fund its illegal war in Ukraine, while also maintaining a reliable supply of oil onto global markets. This policy is especially critical to make oil supplies available in low- and middle-income countries hit hard by the effects of Russia’s war.”

“The price cap policy is intended to maintain the supply of Russian oil to the global market while reducing the revenues the Russian Federation earns from its oil sales, particularly in light of elevated prices caused by Russia’s war of choice,” the report reads.

EU agrees on Russian oil price cap of $60 per barrel after fraught talks – NYT

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