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EU, G7 partners agree on price cap on Russian petroleum products amid Ukraine war; Will it affect India
EU price cap on Russian petroleum: In a major development, the European Union, the international G7, and Price Cap Coalition on Saturday adopted further price caps for seaborne Russian petroleum products including diesel and fuel oil. Notably, the Price Cap Coalition is composed of Australia, Canada, the EU, Japan, the UK, and the US.
According to the statement released by the 27-nation bloc, the latest action came in line with a series of sanctions taken by Russia against its neighboring nation, Ukraine. As per the statement, the decision will hit Russia’s revenues even harder and reduce its ability to wage war in the war-torn nation. Also, it underscored the measure will help stabilize global energy markets, benefitting countries across the world.
Notably, the European Union and the West have imposed several sanctions against Moscow ever since it started a relentless war against Kyiv last year. Meanwhile, President of the European Commission, Ursula von der Leyen, while announcing the latest measures said: “We are making Putin pay for his atrocious war. Russia is paying a heavy price, as our sanctions are eroding its economy, throwing it back by a generation.”
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