G7 begins to press Russia on Ukraine with oil price cap.
A Group of Seven (G7) price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, though Russia has said it will not abide by the measure even if it has to cut production.
The G7 nations and Australia on Friday agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland. Russia is the world’s second-largest oil exporter.
