The Group of Seven (G7) nations, and Australia have agreed on a 60 USD per barrel price cap on Russian seaborne crude oil as part of an international campaign to curb Russia’s finance ability through energy sales.

The G7 and Australia said in a statement the price cap would take effect on Monday or very soon thereafter.

The EU agreed on the price on Friday after holdout Poland gave its support. The price cap, a G7 idea, aims to reduce Russia’s income from selling oil while preventing a spike in global oil prices after an EU embargo on Russian crude takes effect on December 5.

A member of Russia’s Federal Assembly called the move a violation of market regulations.

Source: VOV5