Australia joins EU in implementing price cap on Russian oil

Australia and G7 nations are joining the European Union in adopting a global price cap on Russian oil.

The price of one barrel will now be capped at US$60.

The cap comes a day before an EU embargo on Russian oil shipped by sea takes effect and a ban on insurance for those supplies.

It’s a key step by G7 nations to prevent a sudden loss in Russian oil, which could lead to a surge in energy prices and further fuel inflation.

Ukraine’s President Volodymyr Zelensky has labelled the price cap as “weak” and not “serious” enough.