World Leaders Agree To Cap Price of Russia Oil, Choke Off Putin’s War

World Leaders Cap Russia Oil, Vow Putin Squeeze Starts Monday

At a glance

  • European Union officials midday Friday set a $60 per barrel cap on the price of Russian, in their latest effort to try to choke off funding sources for Moscow’s war in Ukraine. The move was followed by a similar one by the coalition G-7 and Australia.
  • The United States is one of the G-7 member countries.
  • The G-7 countries and Australia later Friday reached a consensus to set the maximum price of seaborne Russian crude oil at $60 per barrel, according to a joint statement.
  • “With this decision today, we deliver on the commitment of G-7 Leaders at their summit in Elmau to prevent Russia from profiting from its war of aggression against Ukraine [and] to support stability in global energy markets … .”
  • The statement also said the cap will be implemented on Dec. 5 “or very soon thereafter.”
  • Russia was earning over $100 a barrel after the Ukraine invasion in February, according to a senior U.S. Treasury official.

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