NextGen Day

The price restriction on Russian oil will be established at $60 per barrel by members of the Group of Seven (G7) and Australia, the nations stated in a joint statement.

The announcement reads, “On 2 December 2022, the G7 and Australia, as current members of the Price Cap Coalition, reached agreed on a maximum price of 60 U.S. dollars per barrel for seaborne Russian-origin crude oil.”

The ruling will take effect “on or very soon after” December 5, 2022.

According to a joint statement from the G7 and Australia, the price cap on petroleum products will take effect on February 5, 2023.

“We affirm that the price ceiling on petroleum products of Russian origin will go into effect on February 5th, 2023. Separately, we will announce the maximum prices for petroleum products of Russian origin (one for high-value and one for low-value refined products) “The sentence reads.

According to a joint statement made, the Group of Seven nations and Australia plan to gradually stop using Russian oil on their domestic markets.

The document states, “We reaffirm our commitment to gradually remove crude oil and petroleum products of Russian origin from our domestic markets.”

“This pledge is not affected by the price cap’s implementation.”

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