The price cap on Russian seaborne oil agreed upon by the European Union, the G7 and Australia has come into force on Monday, reports Aljazeera.
The cap comes on top of the EU’s embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and the United Kingdom.
The cap of $60 per barrel is aimed at limiting Russia’s ability to finance its war in Ukraine while making sure it keeps supplying the global market.
Moscow, however, has said it will not abide by the measure even if it has to cut production.
It means Russian oil sold only at a price equal to or less than $60 per barrel can be shipped to third-party countries using G7 and EU tankers, insurance companies and credit institutions.
The cap could make it difficult for Moscow to sell its oil for a higher price.
Bd-pratidin English/Golam Rosul
