Decision by G7 and EU to hit Russia’s revenue greatly starts today [Check out the measures]
The decision taken by the G7 and EU countries to further hit Russia’s revenues came into force today.
The oil price cap has been set at a maximum price of 60 USD per barrel for crude oil and is adjustable in the future in order to respond to market developments.
This cap will be implemented by all members of the Price Cap Coalition through their respective domestic legal processes.
See also: New Booster For Ukraine Economy
President von der Leyen said, “The G7 and all EU Member States have taken a decision that will hit Russia’s revenues even harder and reduce its ability to wage war in Ukraine. It will also help us to stabilise global energy prices, benefitting countries across the world who are currently confronted with high oil prices.”
The price cap takes effect after 5 December 2022 for crude and 5 February 2023 for refined petroleum products.
Source: European Commission
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