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As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.
However, a large interest rate increase by the European Central Bank and China COVID restrictions kept prices down. [125] A strong dollar and the prospect of future interest rate increases caused oil to fall nearly 2 percent the next week, with Brent finishing at $91.35 and WTI at $85.11. [126]
As part of the sanctions which have been imposed on the Russian Federation as a result of the 2022 Russian invasion of Ukraine, on 2 September 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort which was intended to reduce Russia's ability to finance its war on Ukraine and curb further increases in the 2021–2022 ...
The price cap held for most of the year, but Russia is now selling oil at about $68 per barrel, the highest price for Russian crude since last fall. That could go higher if market prices for oil ...
(Bloomberg) -- European diplomats trying to reach a deal to curb Russian oil prices are wrestling with an awkward truth: Moscow’s main benchmark crude is already trading below the levels ...
The Treasury Department released new details Tuesday of its long-awaited plan to impose a price cap on Russian oil, but the U.S. and its allies are still finalizing how much they'll pay for ...
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A US Treasury report in May 2023 highlighted that Russian oil exports were continuing to rise, providing stability in the world market, as planned, whilst Russia's revenue was being restrained by the price cap to $5–6 billion per month, compared with $8–15 billion a month in 2022.