Russia vows to defy oil price cap

Russia vows to defy oil price cap
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Islam News – After the Group of 7 nations agreed on Friday to impose a price cap on Russian oil, Moscow insisted it would not sell oil that is subject to the limit, adding to questions of whether the plan will succeed in slowing Russia’s war effort in Ukraine.

The Group of 7 hoped that capping the price of Russian crude at $60 a barrel would dent the Kremlin’s finances while still keeping enough Russian oil on the market to avoid a global price shock. The $60-per-barrel figure was a compromise that was close to what major buyers of Russian oil currently pay.

Russia threatened to work only with countries that met market prices for its oil, even if that meant curbing production. Even before Russia’s announcement, questions loomed about whether the plan could be enforced, and President Volodymyr Zelensky of Ukraine worried that the price limit was inadequate to stanch Russian aggression.

Source: The New York Times

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