G7 countries to tighten restrictions on Russian oil imports
6 February 2024 11:35
The Group of Seven countries will tighten the rules for restricting Russian oil imports from 20 February, the 
with reference to Nikkei.
Starting 20 February, ports in the G7 countries, the EU and Australia will require Russian crude oil suppliers to provide a document stating that the price of oil does not exceed the maximum limit each time the goods are shipped.
Until now, such a document has been valid for the entire period of the insurance or transportation contract.
The cap on the maximum price of Russian crude oil was introduced in December 2022 in response to Russia’s invasion of Ukraine. The cap is currently set at $60 per barrel. The idea is to continue to buy Russian crude, but to deprive Russia of excessive profits from its sales.
