Russian oil price cap and EU embargo come into effect

BUSINESS DAILY © FRANCE24

Starting this Monday, all Russian oil sold on international markets will be subject to a G7 and EU-imposed price cap. The measure is aimed at cutting into Moscow's financing for the war in Ukraine, while maintaining global supply. The bar has been set at $60 a barrel, which Ukraine's president has criticised as being too high. Russia has responded by saying it won't sell crude to customers abiding by the cap. This Monday also sees an EU embargo on maritime deliveries of Russian crude oil come into force. Also in the show, we take a look at the EU's response to the US Inflation Reduction Act.