Russia, responding to US' apparent overture, says West must recognise Moscow's declared annexation in September of "new territories" from Ukraine before any talks with President Putin, as fighting enters its 283rd day.
Saturday, December 3, 2022
Western powers agree to impose price cap on Russian crude
The Group of Seven nations (G7) and Australia have agreed to adopt a $60-per-barrel price cap on Russian oil, acting shortly after the European Union reached unanimous agreement on the same price earlier in the day.
The move is a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine.
In a joint statement, the nations said the price cap per barrel of seaborne Russian-origin crude would come into force on December 5 or "very soon thereafter."
They said the G7 was delivering on its vow "to prevent Russia from profiting from its war of aggression against Ukraine, to support stability in global enerrgy markets and to minimise negative economic spillovers of Russia's war of aggression."Social media is bold.
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(With input from news agency language)
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