G7 and allies approve cap on price of Russian oil

December 3, 2022 1:23 pm

[Source: BBC]

The G7 group of countries and its allies have officially approved a cap on the price of Russian oil.

In a joint statement, the G7 and Australia say the price cap will come into force on 5 December or “very soon thereafter”.

It comes after the European Union agreed on the price cap after persuading Poland to back it.

Article continues after advertisement

The plan, which stops countries paying more than $60 a barrel, needed the agreement of all EU states.

Poland announced its support on Friday after being reassured the cap will be kept at 5% lower than the market rate.