Moscow has called the measure a redrawing of basic free market principles The Group of Seven nations, Australia, and the EU have finally agreed on a price cap for Russian seaborne crude oil at $60 per barrel, paving the way for official approval over the weekend. The measure will come into effect on December 5 or “very soon thereafter,” according to a joint statement issued by the G7 and Australia late Friday. “The Price Cap Coalition may also consider further action to ensure the effectiveness of the price cap,” the statement read, without providing details on any further actions. The G7 agreed to impose a limit
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