Ukraine war: Price cap on Russian oil will hit Putin immediately – US

A new cap on the price of Russian oil will “immediately cut into Putin’s most important source of revenue,” the US has said.

US Treasury Secretary Janet Yellen said the cap – which was officially approved by Western allies on Friday – came after months of hard work.

The cap stops countries paying more than $60 (£48) a barrel for seaborne exports of Russian crude oil.

It is due to come into effect on 5 December or soon after.

Low and medium-income countries that have been heavily impacted by high energy and food prices will particularly benefit from the cap, Ms Yellen said.

She said it will also further constrain Russian President Vladimir Putin’s finances and “limit the revenues he’s using to fund his brutal invasion”, while avoiding disrupting global supplies which could send petrol prices soaring around the world.

“With Russia’s economy already contracting and its budget increasingly stretched thin, the price cap will immediately cut into Putin’s most important source of…

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