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Western countries’ $60 price cap on Russian oil import put in place from Dec 5

Western Countries’ $60 Price Cap On Russian Oil Import Put In Place From Dec 5:

Western Countries’ $60 Price Cap On Russian Oil Import Put In Place From Dec 5

The Western countries’ joint decision of imposing a price cap of $60 a barrel on the import of Russian seaborne crude oil has come into force from today (Dec 5).

The European Union, G-7, and Australia have announced a price cap for Russia oil.

The decision aims at reducing ability of Russia to finance ongoing war against Ukraine.

Earlier, Russia has turned down a $60 price cap announced by Ukraine’s Western allies. Russia also warned of a response to this price cap while Ukrainian President Volodymyr Zelenskyy said the price cap was “quite comfortable” for Moscow.

Dmitry Peskov, a Russian spokesman said that the price ceiling was not acceptable for Russia.

He said that Russia will analyse the situation before deciding on a response to the price cap.

On Saturday, the European Union, G7 countries and Australia approved a cap of $60 per barrel for Russian seaborne oil.

The new price cap will come into force from today, Dec 5.

“The G7 and EU took a decision that will hit Russia’s revenues and may reduce its capability to intensify war against Ukraine,” EU Commission President Ursula von der Leyen said.

She said, “It will also help us to stabilise global energy prices, benefitting countries across the world who are currently confronted with high oil prices.”

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Javed Mahmood
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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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