The G7 countries and Australia join the EU’s price ceiling on Russian oil. As of Monday, the maximum price allowed will be $60 per barrel.
The EU countries decided on the price ceiling on Friday. The aim is to reduce Russia’s oil revenues and at the same time counteract inflation.
It is unclear what consequences the price cap will have, as countries such as China, India and Turkey have not joined.
The price ceiling is close to the current price of $64/barrel. At the same time, North Sea oil costs more than 80 dollars/barrel.