Russia Balks As G7, European Union Implement Oil Price Cap

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At a glance

  • “This price cap will benefit directly emerging and developing economies, and it will be adjustable over time so that we can react to market developments,” European Commission President Ursula von der Leyen said in a recent speech.
  • The price cap will only allow the maritime services industry, which includes sectors such as insurance and trade finance, to provide their services for Russian oil sold below $60 per barrel.
  • Brent crude oil, the leading global price benchmark for crude oil drilled in the Atlantic Ocean, is approximately $83 per barrel as of Monday.

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