G7 value cap and ban on Russia’s seaborne oil kick in | Oil and Gasoline
From: Counting the Cost
What are Russia’s choices to beat the measures and their impact on the worldwide oil markets?
The primary section of the European Union’s ban on Russian crude oil and petroleum merchandise kicked on this week.
European international locations will cease shopping for seaborne crude oil from Russia with restricted exceptions, robbing the Kremlin of revenues it must maintain its conflict efforts in Ukraine.
The embargo comes concurrently a $60 a barrel value cap on Russian oil, backed by the Group of Seven superior economies (G7), comes into impact.
Counting the Value talks to Robin Mills, the chief govt officer of Qamar Power, about current developments and the doable impact on international oil costs.