The European Union has agreed to cap Russian oil prices at $60 a barrel after days of negotiation, hoping to limit revenue for its war on Ukraine. The announcement from the G7 also bans all seaborne Russian oil imports starting on Monday, NPR reports.
The measures are to limit Russia's profits without cutting off supply altogether, explains The Associated Press. Russia has warned that these measures will drive up prices and further place stress on the energy market, however, analysts had said that the cap may actually not be low enough and may not impact the country much. "Up front, the cap is not a satisfying number," commented Simone Tagliapietra, an energy policy expert at the Bruegel think tank. She argued the measure could keep Russia from profiting if prices go up.
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