Her countries G7 And Australia announced tonight that they agreed to put a hat on the Russians oil products a few hours after European Union reached a similar agreement.

The announcement says the ceiling is set at $45 per barrel for low-refined products such as heating oil and $100 per barrel for higher-priced, higher-quality products such as diesel.

In early December, EE agreed to set a price ceiling for Russian oil at $60 per barrel.

The purpose of these caps on behalf of the G7 (US, Canada, Japan, Germany, UK, France, Italy) is to limit the revenues that Russia can use to continue the war in Ukraine, and not to “bring down” the Russian economy, a senior US Treasury Department official told reporters .

The UK Treasury reminded that London had already banned the import of Russian oil products and therefore there would be no need to apply this ceiling.

^{Source: APE-MEB, Reuters, AFP.}