Price cap on Russian oil comes into effect

A price cap on Russian seaborne oil, imposed by the EU and G7 nations, has come into effect this morning.

It will mean it can’t be bought for more than $60 per barrel.

The West is trying to limit Russia’s ability to finance its invasion in Ukraine.

But Craig Kafura from the Chicago Council – a think tank on global affairs – is sceptical about how much it’ll impact the Kremlin.

“Russia has said that won’t abide by the price cap and not all nations have signed on to it.

“I think one of the key things to look at is how both China and India respond. Those are both countries that had been buying a lot of Russian oil lately and have not said that they’re going to sign on to this plan.”

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