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Added on the 28/12/2022 11:24:04 - Copyright : France 24 EN
Moscow has announced a ban on the export of crude oil to countries that have introduced price caps on Russian oil and petroleum products.
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.
An EU ban on oil imports from Moscow also came into effect on Monday.
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.
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. Also in the show, we take a look at the EU's response to the US Inflation Reduction Act.
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