G7 Logo
(Image credit: HANNES P ALBERT/POOL/AFP via Getty Images)

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.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Devika Rao, The Week US

 Devika Rao has worked as a staff writer at The Week since 2022, covering science, the environment, climate and business. She previously worked as a policy associate for a nonprofit organization advocating for environmental action from a business perspective.