While India makes most of Russian oil price cap, the sanctions could backfire on the West

In an effort to limit the fossil fuel earnings that support Moscow’s budget, the EU and G7 countries along with Australia have agreed to cap the price of Russia’s oil exports at USD 60 a barrel. It has been crafted as a way to allow Russia, a top global oil exporter, to supply markets without Moscow getting the full benefit of its sale. The embargo will prevent shipments of Russian crude to the EU, which account for two-thirds of imports.

from Energy-Industry-Economic Times https://ift.tt/pJ6hZUz