Western countries plan to introduce the mechanism in December, Reuters reports A price cap mechanism intended to limit Moscow’s revenue from oil exports could be in place by early December, Reuters reported on Wednesday, citing a senior official within the Group of Seven richest Western economies. December 5 has been named as the date when European Union sanctions banning seaborne imports of Russian crude will come into force, Reuters explains. “The goal here is to align with the timing that the EU has already put in place. We want to make sure that the price cap mechanism goes into effect at the same time,” an un
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