GAS-photo/Shutterstock Save for later Print Download Share LinkedIn Twitter The G7 plan to impose a price cap on Russian oil — which aims to slash the revenues funding Moscow’s war in Ukraine without severely disrupting oil supplies at a fragile time for the global economy — is set to become a reality on Dec. 5. It comes alongside the EU embargo on Russian crude imports and EU-UK sanctions on the shipping of Russian oil and related services. The cap effectively acts as a waiver on those sanctions, if the price paid is at or below it. But while more details are emerging, key unknowns remain, including the price itself and how Russia will react.
