G7 price cap on Russian oil

The G7 group has agreed to impose a price cap on Russian oil imports. Moscow says the move would lead to a shortage in global oil markets and rocketing prices for European consumers.

Russia has also warned to retaliate by banning oil exports to countries imposing the restriction. The US and Europe have been pushing for the move for months while facing soaring energy prices and inflation.

So, will this punitive measure against Russia be effective in practice? And most importantly, won’t this destabilize the global economy further?

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