The price cap of $60 per barrel for Russian oil devised by the G7 and supported by the European Union comes into effect today, aiming to curb Russia’s revenues from oil exports while keeping flows into the international market flowing. The cap was agreed upon just before the deadline by the European Union after holdouts including Poland and Estonia refused to agree to the originally proposed range of between $65 and $70 per barrel that came from Washington. In addition to the price cap, the EU has imposed an embargo on maritime imports of…
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