Australia and G7 nations are joining the European Union in adopting a global price cap on Russian oil. The price of one barrel will now be capped at US$60. The cap comes a day before an EU embargo on Russian oil shipped by sea takes effect and a ban on insurance for those supplies. It's a key step by G7 nations to prevent a sudden loss in Russian oil, which could lead to a surge in energy prices and further fuel inflation. Ukraine’s President Volodymyr Zelensky has labelled the price cap as “weak” and not “serious” enough.
from Latest World News Headlines | Daily Telegraph https://ift.tt/dT9qvOM
Saturday, December 3, 2022
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