G7, Australia agree with EU on Russian oil price limit| MENAFN.COM

Monday, 06 February 2023 08:04 GMT

G7, Australia agree with EU on Russian oil price limit


(MENAFN) G7 nations and Australia partake the EU on Friday in accepting a USD60 a barrel price limit on Russian oil.

An announcement mentioned that the EU took a similar action previously in the day and nations got to a deal for a consensus on a peak price of USD60 for seaborne Russian-origin crude oil.

"With this decision today, we deliver on the commitment of G7 Leaders at their summit in Elmau (Germany) to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global energy markets and to minimise negative economic spillovers of Russia’s war of aggression," it also mentioned.

The verdict on the price limit on Russian-origin petroleum outputs is going to become active on the 5th of February, it mentioned.

The G7 and EU nations were discussing around forcing a price limit on Russian oil. Last week, the G7 offered a price cap of USD65 to USD70 a barrel.

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