A price cap on Russian oil at $60 (£49) per barrel, enforced by the Group of Seven (G7) industrialized economies (USA, Canada, Great Britain, France, Germany, Italy, Japan), as well as the EU, and Australia, came into effect on 5 December, 2022. As part of the sanctions imposed against Russia over its special operation in … Continue reading Global Oil Prices surge as Price Cap, Embargo on Russian Crude come into Effect