The EU joined the G7 on Friday to impose a price cap on Russian oil in a bid to prevent price spikes and deprive Vladimir Putin of funding for his war in Ukraine.

The price cap of $60 per barrel comes into effect on Monday with an EU embargo on Russian crude oil.

The embargo will prevent shipments of Russian crude oil to the EU, which accounts for two-thirds of imports.

The G7 and Australia said in a statement that the price cap would come into effect on December 5.

Source link