Moscow:
The European Union has set the price of oil from Russia at US$60 per barrel.
The price ceiling has been set by the rich countries included in the G7 along with the European Union. Also, its aim is to continue the uninterrupted supply of oil from Russia to the world.
The US has welcomed the move to cap the price of Russian oil at US$60 per barrel, while Australia and the G-7 countries have also supported the EU’s decision.
Following the outbreak of the Ukraine conflict, the EU G-7 countries have also imposed an embargo on oil imports from Russia.
Meanwhile, the current price ceiling is an important tool to limit Russia’s revenue. It is said that this will lead to a steady supply of oil in low- and middle-income countries.
In this case, Russia refused to accept the EU’s oil price cap and rejected this decision.