G-7 to set $60 per barrel oil price cap to hit Russia's war chest

The Group of Seven advanced economies on Friday decided to set a cap on the price of Russian crude oil at $60 per barrel, ending months of talks over the new measure intended to hit Moscow's major source of revenues as the war against Ukraine drags on.The price limit on seaborne Russian oil will enter into force on Monday or soon thereafter among the "Price Cap Coalition" formed by Australia and G-7 members such as Britain, Japan, the United States and the European Union.Brent crude oil, the international benchmark, has traded at around $85. But critics have said the price cap may not have …READ FULL ARTICLE