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Al Jazeera
Al Jazeera
World
Priyanka Shankar

Russian oil price cap: Five things you need to know

Oil Russia Al Jazeera G7 India IEA
Together with an EU ban on Russian seaborne crude oil imports, the EU, Australia and G7 have announced a $60-per-barrel price cap on Russian oil. [Tatiana Meel/Reuters]

A price cap set by the Group of Seven (G7) as well as an outright ban by the European Union on Russian seaborne oil came into effect on Monday as the two blocs try to reduce the Kremlin’s ability to continue financing the war in Ukraine.

On Friday, the G7, EU and Australia agreed to set a limit on the price of Russian oil at $60 per barrel. Back in May, the EU announced a ban on Russian seaborne crude oil. The 27-member bloc also said a ban on imports of refined petroleum products will be enforced from February 5.

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