Western economies agreed on new price caps on Friday on Russia's exports of oil products that U.S Treasury Secretary Janet Yellen said would be built on the crude oil cap set in December and further limit Russian oil revenues while keeping global energy markets supplied.
The measures, which were set by the Group of Seven economies, the EU and Australia, set new price caps at $100 per barrel on products that trade at a premium to crude and $45 per barrel for products that trade at a discount, such as fuel oil and naphtha.
The price caps, along with a European Union ban on Russian oil product imports, are intended to limit Moscow s ability to fund its war in Ukraine, which began nearly a year ago.
This could be due to a conflict with your ad blocking or security software. You can add jp and piano.io to your list of allowed sites. If this does not resolve the issue or you are unable to add the domains to your allowlist, please see this FAQ. We humbly apologize for the inconvenience.