On December 5, 2022, the G7, European Union, Canada, Japan and Australia began implementing a $60 price cap on Russia’s seaborne crude oil exports (see EDM, December 5, 2022), which China and India quickly capitalized on. Additional ceilings on petroleum products are expected later this year and are anticipated to have a far greater impact (Economic Times, January 17).
In retaliation, Russian President Vladimir Putin announced that countries abiding by the price cap and other sanctions will be banned from receiving Russian energy (Economic…Russia Sending More Arctic Crude To India And China
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