Here is how the so-called price cap on Russian oil will work.
Briefly

European Union diplomats have agreed on a $60-per-barrel limit on the price at which Russian oil can be traded outside the bloc, the latest effort by Western allies to try to deprive Moscow of revenue to finance its war in Ukraine.But there are serious questions over whether such a plan can be enforced, and whether Russia and its main buyers, including China and India, will go along with the price set by the Group of 7 industrialized nations.
Read at www.nytimes.com
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