About a month ago, the group of Seven (G7) coalition imposed a price cap on Russian oil with the objective of reducing Russia’s oil revenue which goes to fund its war machine. G7--which consists of the United States, the 27-nation European Union, Canada, Australia and Japan-- set at a maximum price of 60 USD per barrel for Russian crude oil with the provision that the cap can be adjusted in the future in order to respond to market developments. This cap is to be implemented by all members of the Price Cap Coalition via their domestic…
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