The G7 and Australia have announced that they will join the European Union (EU) price cap on Russian crude oil.
The G7, which includes the United States, Japan, the United Kingdom, Canada, France, Germany and Italy, and Australia issued a joint statement yesterday (2nd) and made this official.
Previously, the EU agreed on the same day to cap the price of Russian crude oil at $60 a barrel.
Under the decision, the G7, Australia and the EU will ban maritime services such as insurance and transport for crude oil above $60 a barrel.
Currently, Russian crude oil is trading at around $70 per barrel.
Russia has warned that it will cut the remaining oil supply through the pipeline if the cap on the price of crude oil is implemented.
This action by Western countries follows Russia’s invasion of Ukraine. The EU plans to prevent Russia from using the profits from oil sales to finance war.
VOA News
* This article came from The Associated Press.
