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Radio France Internationale
Radio France Internationale
World
RFI

G7 Russian oil price cap and EU embargo come into force

European Union G7 Oil Alexander Novak Australia Kremlin Moscow OPEC
An oil tanker and a bulk carrier sail in Nakhodka Bay near the port city of Nakhodka, Russia, on 4 December, 2022. © Reuters/Tatiana Meel

The price cap on Russian oil agreed by the European Union (EU), G7 and Australia is set to come into force on Monday. It aims to restrict Russia's revenue while making sure Moscow keeps supplying the global market.

The cap is due to take effect alongside an EU embargo on maritime deliveries of Russian crude oil, which comes several months after an embargo imposed by the United States and Canada.

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