Business Matters | How has the G-7's oil price cap affected Russia? | The Hindu

Описание: On December 5, the Group of 7 imposed a long-discussed price cap on Russian oil. Its diktat was that Russian oil could not be transported using G7 and EU ships, or financial services from institutions belonging to these countries if the purchase price was more than $60 per barrel. Since then, what exactly has happened to Russia’s oil fortunes?

Using the price cap, the informal grouping of Canada, Japan, Italy, France, Germany, the UK and the US plus the EU and Australia, have sought to bring punitive action on Russia.

This the West does by limiting Russia’s oil revenue, while simultaneously allowing it to export some quantity so that oil supplies are not suddenly tightened, which could allow oil prices to spike.

Have the West's objectives been achieved? How have India's purchases from Russia behaved over time?

Script and presentation: K. Bharat Kumar
Production: Shibu Narayan
Videography: Johan Sathyadas, Vineesh

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