The principal news this week is that G7 countries and the European Union have established a price cap of $60 per barrel for any purchases of Russian crude oil, which are allowed if deemed essential for a nation reliant on such supplies.
The cap comes into effect from Dec. 5, followed by a ban on Russian crude and hydrocarbon derivatives, which if under contract can continue until Feb. 5. After that date, sanctions will ban all imports of Russian oil products unless a specific license is granted based on necessity.
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