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World
G7, EU agree on price cap on Russian oil
By Agence France-Presse
Dec 04, 2022 12:09 am

Price limit aims to reduce Moscow's war funding

BRUSSELS: The Group of Seven (G7) and the European Union agreed on Friday on a $60-a-barrel price cap on Russian oil in an attempt to deny the Kremlin of war resources, as Russia's President Vladimir Putin said more strikes on Ukrainian infrastructure were 'inevitable.'

The price cap, previously negotiated on a political level between the group of seven wealthy democracies and the EU, will come into effect with an EU embargo on Russian crude oil from Monday.

THE MUSIC OF THE NIGHT Musicians perform during a candlelight concert at the Architect’s House in Ukraine’s capital Kyiv on Thursday, Dec. 1, 2022. AFP PHOTO

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