Price cap on Russian oil comes into force

G7 countries and Australia have implemented a cap of $60 a barrel

Big Zero Report 2022

A price cap on Russian seaborne oil has kicked in.

This follows a decision made on Friday by the group of G7 nations and Australia – the group has agreed on a $60 (£48.8) per barrel price cap on Russian crude oil.

The immediate reaction of the market was to see the price of Brent crude oil rise by almost 2% on Monday to $87.25 (£71) a barrel.

The measure aims at curbing Russia’s income from oil and putting further pressure on Moscow in light of its invasion of Ukraine.

In response to introducing the price cap, the Kremlin said the measure would destabilise global energy markets.

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