Restrictions on Russian oil exports introduced by G7 and EU

A new set of restrictions has been imposed on Russian oil exports, amid fears that this could upset the global market and see further price rises.

The new oil cap, was agreed to by the G7 and its allies, with a corresponding move being made by the European Commission to ensure enforcement across the EU.

The cap prevents signatories from spending more than $60 USD per barrel of oil, with this price to be reviewed every two months.

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