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Ukraine war: EU, G7 back $60-per-barrel price cap on Russian oil

Video Credit: euronews (in English) - Duration: 00:30s - Published
Ukraine war: EU, G7 back $60-per-barrel price cap on Russian oil

Ukraine war: EU, G7 back $60-per-barrel price cap on Russian oil

The $60 (€56.9) price cap on Russian oil per barrel, also adopted by G7 countries and Australia, is seen as a key step as Western sanctions aim to starve President Vladimir Putin of funding for his war in Ukraine.


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Ukraine Ukraine Country in Eastern Europe

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European Union European Union Political and economic union of 27 European states

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Vladimir Putin Vladimir Putin President of Russia (1999–2008, 2012–present)

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G7 G7 International intergovernmental economic organization

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Putin told Recep Tayyip Erdogan that he was open to dialogue with Ukraine if Kyiv accepts territories occupied by Moscow as Russian; Funeral of ex-Pope Benedict XVI held, coffin taken to be buried; UK’s Prince Harry alleges brother William attacked him: Report; Russia sends more Arctic oil to China and India after sanctions by EU and G7 nations. #VladimirPutin #RussiaUkraineWar #PopeBenedictXVI

Credit: Oneindia    Duration: 02:10Published
Russia sends more Arctic oil to China and India after sanctions by EU and G7 nations | Oneindia News [Video]

Russia sends more Arctic oil to China and India after sanctions by EU and G7 nations | Oneindia News

Trade sources and data revealed that Russia is sending more crude oil produced in the Arctic region to China and India, and at steeper discounts. This comes after Europe put heavy sanctions on Russian supplies last month. As per reports, Arctic grades Arco, Arco/Novy Port and Varandey do not usually come to the East. But reportedly they are now doing supplying further afield after the European Union, G7 nations and Australia introduced a price cap on Russian oil in December, on top of an EU embargo on Russian crude by sea. #RussianOil #Sanctions #EU

Credit: Oneindia    Duration: 01:42Published
Western Sanctions Are Paying Off As Russian Oil Revenues Fall [Video]

Western Sanctions Are Paying Off As Russian Oil Revenues Fall

Western Sanctions Are, Paying Off As Russian Oil , Revenues Fall. According to the International Energy Agency, Russian oil revenues fell in November despite a boost in production to just below levels prior to the Ukraine invasion. 'The Guardian' reports that the falling revenue is a sign that Western sanctions and other efforts to cut off Russia's income have been successful. . 'The Guardian' reports that the falling revenue is a sign that Western sanctions and other efforts to cut off Russia's income have been successful. . In November, the IEA estimated that Russia earned just $15.8 billion from oil sales. . That is the second-lowest monthly earnings Russia has reported this year after bringing in just $14.7 billion in September. The dipping revenue report comes despite Russia increasing its export of crude oil to 8.1 million barrels per day, its highest level since April. In December, the EU and G7 introduced a $60-a-barrel price cap on Russian oil. On December 14, the price of non-Russian oil had climbed to about $81 a barrel. President Vladimir Putin has said the cap will not have a significant impact on Russia’s economy but could harm the international energy market. President Vladimir Putin has said the cap will not have a significant impact on Russia’s economy but could harm the international energy market. Putin has also warned that the cap may force Russia to cut production. While lower oil prices come as a welcome relief to consumers faced by surging inflation, the full impact of embargoes on Russian crude and product supplies remains to be seen, International Energy Agency, via 'Newsweek'. While lower oil prices come as a welcome relief to consumers faced by surging inflation, the full impact of embargoes on Russian crude and product supplies remains to be seen, International Energy Agency, via 'Newsweek'

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Tens of thousands in Bangladesh demand resignation of PM Sheikh Hasina; Famous US sportswriter Grant Wahl dies in Qatar; 25 arrested in Germany for planning to overthrow government; Putin says Russia may cut oil production as G7 imposes price cap; New Era’ of ties between China and Saudi Arabia; China loosens covid restrictions amid worlwide protests; Indonesian parliament bans Sex outside marriage; Mount Semeru eruption in Indonesia buries homes, wrecks havoc #Bangladesh #BangladeshProtests #SheikhHasina

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