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Added on the 27/12/2022 22:42:45 - Copyright : Euronews EN
Russia on Tuesday (December 27) banned oil sales to countries and companies that comply with a price cap agreed by Western nations.
A price ceiling on Russian seaborne crude oil agreed upon by Australia, the EU and G7 nations will come into effect on Monday, with a cap on refined petroleum products due in February next year.
President of the European Commission Ursula von der Leyen says Russia is losing "around 160 million euros a day" from oil price cap. SOUNDBITE
Here is our summary of the latest news from Russia's war in Ukraine.
The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow's ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production. As the world's key shipping and insurance firms are based in G7 countries, the cap could make it difficult for Moscow to sell its oil for a higher price. FRANCE 24's Leo McGuinn tells us more.