G7 and Australia agreed to cap Russian oil at $60 a barrel
The G7 countries, together with Australia, agreed to cap the price of Russian oil at $60 a barrel, after the agreement reached yesterday by the 27 countries of the European Union.
According to a statement quoted by the BBC, the decision to impose a price cap was taken to "prevent Russia from taking advantage of its war of aggression against Ukraine".
The agreement on a price cap comes just days before an EU-wide ban on Russian crude oil imported by sea comes into force on December 5.
The head of the Foreign Policy Committee of the lower house of the Russian Parliament, Leonid Slutsky, warned that the cap represented a violation of market laws and endangered Europe's energy security.
Analysts, quoted by France Presse, fear a possible destabilisation of the world market and await tomorrow's reaction from the cartel of producing countries and its allies, including Russia. In addition, Moscow could mitigate the effect of the cap by increasing exports to countries such as China and India.
