The Group of Seven (G7) countries, which represents the world’s most advanced economies, has agreed to set a fixed price for Russian oil.

The G7 coalition says floating rates on seaborne oil shipments will be phased out by the end of the month.

The actual price has not been set but should be announced in the coming weeks.

The price cap, scheduled to take effect on December 5, is intended to ensure that the EU and US sanctions aimed at limiting Moscow’s ability to fund its invasion of Ukraine do not stifle global oil demand.

Russia has said it will refuse to ship oil to countries that set price caps.

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Edited by Jesus Chan

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