G7, Australia reach deal on price caps for Russian fuel after EU

Published : 04 Feb 2023 10:22 PM | Updated : 04 Feb 2023 10:22 PM

The Group of Seven industrialized countries and Australia have reached agreement on price caps for Russian petroleum products, the group said in a statement Friday, after a similar announcement by the EU.

There are two price levels, $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil, the statement said, adding that the policy aims "to prevent Russia from profiting from its war of aggression against Ukraine" and support stability in energy markets.