Business Matters | How has the G-7's oil price cap affected Russia? | The Hindu

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 Thank you for watching our video! You can subscribe to our channel here: https://bit.ly/3c8Adi6 Visit https://www.thehindu.com/ for the latest updates, analysis, opinions, and more. You can also download our apps: Android: https://bit.ly/3nboBEi iOs: https://apple.co/3EDCwt4 The Hindu is committed to keeping you up-to-date with information on the developments in India and the world. We promise to deliver quality journalism that stays away from vested interest and political propaganda. You can support us by subscribing to our digital offerings here: https://bit.ly/3emywiz Follow us: Twitter:   / the_hindu   Instagram:   / the_hindu