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The Group of Seven (G7), Australia, and the European Union have reached an agreement to implement a $60 per barrel price cap on Russian seaborne crude oil. The price cap aims to reduce Russia's revenue from oil sales and prevent a surge in global oil prices after an EU embargo on Russian crude takes effect. The deal, considered unprecedented, demonstrates the coalition's determination to oppose Russia's war on Ukraine. Ukraine criticized the measure as inadequate, while Moscow warned of potential disruptions in oil supply.
Friday, 2 December, 2022