washington, The G-7 group of rich democracies and Australia on Friday decided to freeze the price of Russian oil at $60 a barrel as part of Russia’s policy of being more strict on its limited resources. According to a report by the news agency AFP, after stopping Russian oil at $ 60 per barrel, the G7 group said in its joint statement that the price per barrel of crude oil of Russian origin coming from the sea will come into force on or after December 5. .

The statement further said that the G-7 is fulfilling its resolve to prevent Russia from profiting from the war against Ukraine, support stability in global energy markets and mitigate the negative economic effects of the war. The purpose of this price cap is to reduce Russia’s income from the sale of oil, while also preventing the increase in global oil prices after the G7 and EU sanctions on Russian crude oil.

Russia will suffer economic loss due to price cap
The imposition of a price cap of $60 for Russian Ural crude oil, which is trading at around $67 per barrel on Friday, is likely to cause significant economic damage to the Russian economy. However, many countries buying oil from Russia are expected to get a lot of relief from this.

Let us tell you that India bought about 40% of the total Ural crude oil export quantity from Russia in November. Economies like India are getting a lot of help from Russian oil available at cheap prices.

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Tags: crude oil prices, G7, Russia, russia ukraine war