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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.
The price of Russian crude oil has risen above a price cap set by the ... in April 2022 - Natalia Kolesnikova/AFP/Getty Images ... of tankers exporting its oil around the world, and an increase in ...
New sanctions on Russia's energy sector could temporarily raise gas prices and shift oil ... the Producer Price Index (PPI) for diesel in June 2022 was approximately 109% higher than in June 2021 ...
In December 2022, the United States, G7 allies and Australia banned the purchase of Russian oil above the price of $60 per barrel if it was shipped, insured or financed by the West.
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 ...
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.
U.S. President Joe Biden speaks about gas prices during remarks in the Eisenhower Executive Office Building's South Court Auditorium at the White House in Washington, U.S., June 22, 2022.
G7 leaders have agreed to study possible price caps on Russian oil and gas to try to limit Moscow's ability to fund its invasion of Ukraine, G7 officials said on Tuesday. The officials, who ...