The European Union and the Group of Seven industrialized nations have agreed on a $60-per-barrel price cap on Russian oil imports in an alleged attempt to starve Russia’s ongoing special operation in Ukraine.
The bloc and the Group of Seven that includes the UK, Germany, Italy, Canada, the United States, France, and Japan, announced the agreement on Friday, saying they would start imposing the price ceiling on Monday.
The EU is also slated to start enforcing an oil embargo on Russian crude deliveries that would ban seaborne shipments, which reportedly account for two thirds of the imports.
The G7 said it was delivering on its vow “to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets, and to minimize negative economic spillovers of Russia’s war of aggression.”
Russia started the “special operation” in its eastern neighbor in late February in order to defend the pro-Russian population in the eastern Ukrainian regions of Luhansk and Donetsk against persecution by Kiev.
Back in 2014, the two republics broke away from Ukraine, refusing to recognize a Western-backed Ukrainian government there that had overthrown a democratically-elected Russia-friendly administration.