Oil price cap on Russian oil will benefit emerging markets: US

Washington: The US has welcomed the USD 60-per-barrel price cap on Russian oil, describing it as an “important tool” that will benefit emerging markets and low-income economies and further cripple President Vladimir Putin’s finances used to fund his “brutal invasion” on Ukraine.

The European Union reached a deal on Friday for a USD 60-per-barrel price cap on Russian oil. The Group of Seven nations and



Australia joined the European Union in adopting the price cap on Russian oil, aimed at significantly reducing Moscow’s income and President Putin’s ability to continue to finance the war in Ukraine.

Europe needed to set the discounted price that other nations will pay by Monday when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect.