Brussels: European Union and G7 countries set the price of Russian oil. The price set by the European Union and the G7 countries is $60 per barrel. The new rate will be effective from Monday.
After days of long negotiations, the European Union also came with the decision to set a price limit for Russian oil. Countries like Poland, Lithuania and Estonia opposed the decision to set a price cap on Russian oil. These countries pointed out that Russia often sells oil below the price set by the European Union. The opposing countries also stated that oil was sold to various countries at 55 dollars last week.
However, the Russian Foreign Minister Sergey Lavrov responded that the decision to limit the price of Russian oil will not affect them. He termed the price cap decision as absurd. He also said that they will directly discuss with their partners. Earlier, Russian President Vladimir Putin had warned that there would be repercussions if the price limit was set.
Meanwhile, preliminary assessments suggest that the price cap decision will not seriously affect countries like India and China, which buy cheap oil. LiveMint reported that Indian officials have confirmed that oil imports from Russia will continue.
