Japan Cuts Price Cap on Russian Oil to $47.60 ...Middle East

Japan joins the EU in cutting the price cap on purchases of Russian oil to $47.60 per barrel, in a move effective Friday and aimed at punishing Russia over the war in Ukraine, yet unlikely to affect any Japanese purchases.  Japan lowered the price cap from the $60 per barrel imposed by the G7 years ago, to $47.60 a barrel. Japan is also imposing fresh export sanctions on Russian firms and additional asset freezes, as part of its efforts to help the international push to end the war in Ukraine, chief cabinet secretary Yoshimasa Hayashi said…

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