Watch | Business Matters | How has the G-7’s oil price cap affected Russia? 

How has the G-7’s oil price cap affected Russia? 

A video explaining how have India’s purchases from Russia behaved over time and have the West’s objectives been achieved

February 02, 2023 10:16 pm | Updated 10:16 pm IST

On December 5, the Group of 7 imposed a long-discussed price cap on Russian oil. Its diktat was that Russian oil could not be transported using G7 and EU ships, or financial services from institutions belonging to these countries if the purchase price was more than $60 per barrel. Since then, what exactly has happened to Russia’s oil fortunes?

Using the price cap, the informal grouping of Canada, Japan, Italy, France, Germany, the UK and the US plus the EU and Australia, have sought to bring punitive action on Russia.

This the West does by limiting Russia’s oil revenue, while simultaneously allowing it to export some quantity so that oil supplies are not suddenly tightened, which could allow oil prices to spike.

Have the West’s objectives been achieved? How have India’s purchases from Russia behaved over time?

Script and presentation: K. Bharat Kumar

Production: Shibu Narayan

Videography: Johan Sathyadas, Vineesh

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.