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G7 Price Cap on Russian Oil Goes into Effect as European Countries Grapple with Energy Crisis

HeadlineDec 05, 2022

Russia says it will not adhere to a G7-imposed $60-per-barrel price cap on maritime shipments of Russian crude oil, which went into effect today. The new rule means third parties would not be able to import Russian crude using G7 and European Union vessels and companies unless they respect the price cap. Ukraine’s government said the $60-per-barrel price tag was still too high to impact Russia’s ability to fund its invasion. An EU embargo on Russian crude also begins today.

This comes amid a deepening energy crisis across Europe affecting millions of people as winter weather sets in. On Saturday, people across the United Kingdom took to the streets to protest “fuel poverty” caused by soaring energy prices. Demonstrators are demanding the government fund renewable energy and home insulation. Meanwhile, French President Emmanuel Macron attempted to mollify fears of potential large-scale rolling blackouts caused by energy shortages.

President Emmanuel Macron: “Don’t panic. That’s pointless. There’s legitimate work to be done by the government to prepare for extreme cases, which is of course the need to cut electricity for some hours in the day if we have a shortage.”

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