G7 and allies approve Russian oil price cap to ‘slow war machine’

The £48 per barrel price cap will come into effect in early December, but Ukraine says it’s not low enough

The G7 and its allies have agreed on a cap on Russian seaborne crude oil as part of an international campaign to curb Russia’s ability to wage war.

In a statement, the G7 nations and Australia announced the $60 (€57; £48) per barrel price cap would come into effect on 5 December or “very soon thereafter”.

It aims to reduce Moscow’s income from selling oil while tempering the potential for any spike in global prices as the Ukraine war enters its ninth month.