The G7 countries and Australia will also implement the European Union’s decision to cap prices of Russian oil products transported by sea in order to limit Russia’s ability to finance its war in Ukraine and to prevent disruptions of global supply. The European Union said the cap is 100 dollars per barrel on premium products and 45 dollars per barrel for products that sell at a discount, such as fuel oil. The cap becomes effective on Sunday. The European Union and the G7 had earlier also placed a cap on seaborne crude oil.
