Australia will be among major industrialised countries in the West imposing a new price cap on Russian oil products, as the European Union made an announcement in hopes of limiting Vladimir Putin's finances for the Ukraine war.
The Group of Seven - which includes the European Union, the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom - agreed on Friday to impose a new price cap on Russian oil products, such as kerosene and diesel.
The Group of Seven, European Union and Australia agreed to a price cap on Russian fuel in a bid to limit their finances in funding the Ukraine war. Picture: Axel Heimken/Getty Images "Our approach to this is really to go after the things that are crucial to the Kremlin's war effort and their ability to prop up their economy."
A spokesperson claimed Russia had"openly acknowledged" the caps were having an effect on its economy, with data showing revenues from sales down 46 per cent.Russia has said it would not sell to countries agreeing to the price cap. Europe could look elsewhere, such as the US, India or the Middle East for supply.On the same day, the European Union announced a tenth round of sanctions against Russia and its technology and war equipment.
The bloc will also try to stop Moscow from finding ways around sanctions, but the sanctions will first need to be agreed on by the 27 members.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 46-year-old mother Australia is training to fight Putin’s invaders“It was my desire, my wish,” Olena said, wiping the tears from her eyes as she struggled to overcome her emotions to speak. “I can’t stay at home and do nothing when our children die.”
Read more »
Vladimir Putin showing ‘desperation’ with ‘outrageous lies and propaganda’: BirminghamShadow Foreign Minister Simon Birmingham says Vladimir Putin is resorting to 'outrageous lies and propaganda' to defend against his illegal actions on the invasion of Ukraine. “What we are seeing from Putin is obviously heightened level of desperation coming with heightened rhetoric that is quite outrageous,” Mr Birmingham told Sky News Australia. “This war is only occurring because of Putin’s desire for seizing land for expanding influence and for waging this brutal onslaught.”
Read more »
Live: European markets rise as interest rates hiked again, with ASX expected to followEurope's two central banks have hiked their version of the cash rate, with the Reserve Bank of Australia expected to follow next week. Shares are rising as this happens.
Read more »
Australian players’ union and LGBTQ+ advocates join criticism of Saudi sponsorship of Women’s World CupProfessional Footballers Australia says Fifa has consistently been unwilling to uphold its stated human rights commitments
Read more »
'Completely deluded': Albanese lashes Putin's latest actAnthony Albanese has described Vladimir Putin as 'completely deluded' after the President's recent remarks on the war in Ukraine, as the Prime Minister said Australia is 'open to further support' of Kyiv.
Read more »