G7’s Russian oil price cap not working – FT ...News

The $60-a-barrel limit is not being enforced, an EU official has claimed The price cap on Russian oil introduced by the G7 and EU is being completely ignored, as almost no seaborne crude cargos have been traded below the $60-a-barrel limit, the Financial Times reported on Tuesday, citing Western officials and Russian export data. The mechanism, which was put in place to reduce Moscow’s export revenues, was introduced in December 2022, and this February was followed by similar restrictions on exports of Russian petroleum products. According to the FT, one senior EU official acknowledged that Moscow has been success

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