Britain has joined the price cap on Russian oil

The UK joined the price cap on Russian oil from December 5 and banned the provision of transport services for Russian oil if it is more expensive than a threshold to be set by the G7 countries and Australia.

This is reported by the British government.

Restrictions also apply to insurance and brokerage services. The coalition will set the limit price for Russian oil later.

• At the beginning of September, the USA informed that the G7 countries would set a price limit for Russian oil by December 5. Countries want to see it at the level of $40-60 per barrel, which will seriously affect Russian revenues. The U.S. Treasury proposes to limit the price of Russian oil to $60 per barrel.
• On November 4, it became known that the G7 countries and Australia agreed to set a fixed price for Russian oil.
• In addition, there are restrictions on Russian oil from the European Union. Within the eighth package of sanctions, there is a ban on the transportation of oil to third countries at a price above the limit. Britain has also synchronized its sanctions with European ones.