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
Oil prices soar on Russia embargo - BBC News
2 years ago
8
russia
why cap on russian oil price
price cap on russian oil
g7 may impose price cap on russian oil
oil price cap russia
russia ukraine war russian
oil prices
embargo
crude oil prices
oil price
prices
Oil prices rose after a new price ceiling for Russian crude agreed by the G7 group of major economies took effect.
The $60 per barrel cap is intended to "prevent Russia from profiting from a war of aggression against Ukraine."
This will prevent G7 and EU tankers, insurance companies and financial institutions from selling Russian crude at or above that price.
But there are concerns that global supply could be disrupted in the coming months, driving prices higher.
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