G7, E.U. Price Cap On Russian Oil Enters Force

The G7 countries, European Union and Australia have implemented a price cap on Russian seaborne oil exports, reports Reuters.

On Dec. 2, the cap, which specifies that seaborne crude oil transported to third-party countries using G7 and E.U. tankers, insurance companies and credit institutions could only be sold at a price of US$60 or less per barrel, entered force.

Moscow rejected the measure, saying it would not abide by it even if it means it has to cut production.

Poland and Ukraine criticized the measure, arguing that the cap would not do enough to curb funding for Russia’s unprovoked war. France said it would further destabilize the market and hurt chances for peace talks.