G-7 starts enforcing price cap on Russian oil

The Group of Seven price cap on Russian oil took effect Monday. The G7, the European Union, and Australia will enforce the policy in a bid to limit Moscow's financing of its war in Ukraine. The EU also has imposed an embargo on imports of Russian crude by sea. The United States, Canada, Japan, and Britain have announced similar policies. The G7 price cap bars shipment of Russian oil to third-party countries using G7 and EU tankers, insurance companies, and credit institutions unless the oil is priced at or below the cap of $60 per barrel, under the latest market price of about $67 a barrel. Russian officials said Saturday that Moscow would "not accept" the price cap.