The Group of Seven countries, Australia and the European Union placed a $60 per barrel limit on sea-borne Russian crude oil sales late in 2022.
The alliance will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on February 5.
A US Treasury official has updated on the impact so far.
- did not put a figure on estimated Russian revenue losses
- says that the cap has increased shipping costs on some Russian oil cargoes because it forces countries that want Russian oil above the cap to use a shadow fleet of non-Western ships and risk using "less trustworthy" insurance
- "For every dollar Russia is not getting in revenue, that's one less dollar they can use propping up their economy, or investing into weapons they need to fight this illegitimate war in Ukraine"
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Earlier on oil:
