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The Latest Breaking News from G7

Tanker delays across Turkish straits not due to Russia oil price cap - official

Disruptions in tanker traffic from Russia's Black Sea ports to the Mediterranean are a result of a new Turkish insurance rule, not the price cap on Russian oil agreed by a coalition of G7 countries and Australia, an official with the group said on Tuesday.

Reuters

Analysis-G7 Russian oil price cap evolves from revenue squeeze to market anchor

When U.S. officials first floated the idea of capping Russian oil export prices in response to a planned European embargo in March, they pledged to squeeze revenues to Russia's war machine, while avoiding a devastating oil price spike.

Reuters

More than Ukraine war to high coal prices as debate over price caps continue

Why price controls might not work when coal supply is so short

Newcastle Herald

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Saudi Aramco Drops January's Arab Light Prices for Asia

Aramco announced that Saudi Arabia has dropped the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers to a 10-month low. The price is $2.20 a barrel below official selling prices for December, so the demand outlook remains fragile. The largest oil exporter set the…

Asharq Al-Awsat

Russia claims Ukraine shelling Zaporizhzhia nuclear plant – as it happened

Moscow accuses Ukraine of ‘nuclear terrorism’; Kremlin spokesperson says there is no prospect for negotiations with Kyiv at the moment

The Guardian - AU

Russia-Ukraine war at a glance: what we know on day 286 of the invasion

Four people die in Russian strikes; majority of missiles shot down

The Guardian - AU

Russian oil price cap: Five things you need to know

Al Jazeera answers five key questions to better understand the effect of the EU and G7’s move.

Al Jazeera

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G7 price cap on Russian oil: How does it work and what is the aim?

The price cap is expected to apply significant financial pressure on Russia.

Evening Standard

Oil prices surge as cap on Russian crude comes into force

Russia is preparing response to price cap that will ‘destabilise world energy markets’, Kremlin says

The Independent UK

Kremlin Says Western Oil Price Cap Will Not Hinder Military Operation in Ukraine

The Kremlin said on Monday that a Western price cap on Russian oil would destabilize global energy markets but would not affect Moscow's ability to sustain its military operation in Ukraine. Kremlin spokesman Dmitry Peskov said Russia was preparing how it would respond to the move by the G7 and…

Asharq Al-Awsat

Russian oil price cap and EU embargo come into effect

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…

France 24

G7 Russian oil price cap and EU embargo come into force

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.

Radio France Internationale

Wave of Russian missiles strike Ukraine, Kremlin says Ukrainian drones hit air bases

Air alerts blared across Ukraine and officials urged civilians to take shelter from a wave of deadly Russian missile strikes that caused major power outages. The strikes followed what the Kremlin said were Ukrainian drone attacks on two air bases deep inside Russian territory. Read our live blog to see…

France 24

Monday briefing: Can curbing Russian oil profits help end the war on Ukraine?

In today’s newsletter: A plan to cap the price of Russian crude oil could slow down the war – if only Europe and others could find a consensus

The Guardian - UK

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The Guardian - AU

Ukraine says it has shot down 60 of over 70 missiles launched after explosions at two Russian airbases – as it happened

No reports of missile impacts in Kyiv but two killed in Zaporizhzhia and Odesa hit hard after Russian strike follows blasts at Russian airfields

Wales Online

Oil prices rise again after G7 group agreement targets Russia

Only Russian oil bought for less than $60 (£49) a barrel will be allowed to be shipped using G7 and EU tankers

The Guardian - AU

Public support in Russia for military campaign ‘falling significantly’, says UK – as it happened

British ministry of defence says it obtained official confidential survey that shows only 25% of Russians want war to go on

France 24

OPEC+ agrees to maintain current output levels amid uncertainty

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. Follow our blog to see how the…

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The Independent UK

Ukraine war: West’s Russian oil cap ‘weak,’ Zelensky says

The measure is aimed to reduce Russia’s income from selling oil

Al Jazeera

Russia rejects $60 oil price cap, warns of response

Ukraine’s Western allies approve oil price cap to starve Russia of revenues as Kyiv pushes for a lower cap of $30.

Asharq Al-Awsat

Russia: Price Cap is 'Dangerous' and Will Not Curb Demand for Our Oil

Russia said on Saturday it would continue to find buyers for its oil, despite what it said was a "dangerous" attempt by Western governments to introduce a price cap on its oil exports. A coalition of Western countries led by the G7 group of nations agreed on Friday to cap…

Evening Standard

UK and allies announce cap on Russian oil ‘to clamp down on Putin’s funding streams’

The cap is designed to curb Russia’s revenues from oil without halting significant volumes of exports, which could lead to supply shortages and push up prices globally

France 24

Russia will ‘not accept’ price cap on oil exports, Kremlin warns

The Kremlin on Saturday said it would not accept a price cap on Russian oil agreed by the EU, G7 and Australia. The agreement caps Russian seaborne crude oil at $60 per barrel and is aimed at limiting Moscow’s funds for the Ukraine war. Read FRANCE 24's liveblog below to…

The Independent UK

G7 and allies approve Russian oil price cap to ‘slow war machine’

The £48 per barrel price cap will come into effect in early December, but Ukraine says it’s not low enough

Asharq Al-Awsat

G7 Coalition Agrees $60 Per Barrel Price Cap for Russian Oil

The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day. The EU agreed the price after holdout…

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