Oil prices have risen as the first strong measures to limit Russia’s oil profits over the war in Ukraine took effect. russia business ukraine oil
— but not by as much as many expected at the start of the war almost 10 months ago.
The price ceiling would work by barring insurers or ship owners from helping move Russian oil to non-Western countries unless that oil was priced below the cap. Most of those companies are located in the EU or U.K., bringing them with range of the restrictions. European Commission Vice President Frans Timmermans said Monday that “we agree that we should not disrupt international oil markets. That would not help us either.” That is why the EU decided “the right price” was $60 per barrel.
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