MOSCOW (Pakistan Point News / Sputnik - 05th December, 2022) The price cap imposed by Western countries on exports of Russian oil abroad will go into effect on Monday.
On Friday, the European Union reached an agreement on setting a price cap on Russian oil at $60 per barrel. The cap will be reviewed every two months to remain at 5% below International Energy Agency benchmark. The G7 nations and Australia also agreed that same day to set a $60 price ceiling on oil from Russia.
The EU's ban on seaborne imports of Russian crude oil to third countries will also go into effect on Monday.
