The G7 countries, together with Australia, agreed on Friday to cap the price of Russian oil at 60 dollars per barrel, after an agreement in this sense was previously reached by the 27 EU countries. The measure, whose objective is to reduce Russia’s income in the context of the war against Ukraine, is complementary to the European embargo on Russian oil imported by sea that comes into force on Monday. More specifically, through this capping measure, the EU forbids European companies involved in the delivery of Russian oil by sea (transportation, insurance, etc.) to offer their services, if the delivered oil exceeds the threshold of 60 dollars per barrel. The price of Russian oil is currently around 65 dollars per barrel, so this measure will have, at least for now, a limited impact on Russian oil exports. Moscow has already warned that it will not deliver oil to the countries that impose price caps.

Eugen Cojcariu, Radio Romania International