Major industrialised countries in the west, including Australia, will impose a price cap on refined Russian oil products such as diesel and kerosene.
The deal follows a similar G-7 agreement to limit the price of Russian crude oil to $60 a barrel.Countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union.
It aims to reduce Russia's income while keeping its diesel flowing to non-Western countries to avoid a global shortage that would send prices and inflation higher.The $100-per-barrel cap applies to Russian diesel and other fuels that sell for more than the crude oil used to make them. The price caps encourage non-Western customers that have not banned Russian oil to press for discounts, while outright evasion — though possible — carries additional costs such as organising off-the-books tankers.
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.
Russia planning major offensive to mark first anniversary of war: Ukraine defence ministerOleksii Reznikov said that as many as 500,000 troops may have been mobilised by Russia as he calls for more weapons to be sent to Ukraine
Read more »
Major $150m international crime ring uncovered in SydneyA Sydney-based international crime ring that allegedly laundered $150 million to finance criminals has been uncovered and dismantled in a major bust.
Read more »
‘Don’t want to waste a day’: Dreyfus eyes major legal shake-upThe attorney-general has an ambitious legislative and policy agenda for 2023, from family law reform to a new appeals tribunal and the Voice to parliament.
Read more »
Russia-Ukraine war live: Kyiv warns of Russian mobilisation on eastern border; Kramatorsk apartment block attack kills threeUkraine officials warn of Russian offensive marking first anniversary of war; Russian strike on eastern city late on Wednesday injures 20
Read more »
Wagner mercenaries sustain losses in fight for Central African Republic goldRussian fighters clash with rebels as Kremlin tries to extend power in mineral rich country
Read more »
Russian soldiers ‘terrorising’ Ukrainian citizens: Ukraine MPUkraine MP Halyna Yanchenko claims Russian soldiers are not fighting military personnel but are instead “terrorising Ukrainian citizens”. She said Russia is using airstrikes to target electricity sources to “make people suffer”. “Millions of Ukrainian families are pretty much broken apart, a lot of women without children live in Europe, a lot of men join the army in order to protect Ukraine and speed up the victory,” Ms Yanchenko told Sky News host Chris Kenny. “So we are praying on a daily basis and we are working as hard as we can to speed up the victory, to make sure that these Ukrainian families can be reunited, children can see their fathers again.”
Read more »