London: The European Union, Australia and Group 7 countries have moved to weaken Russia economically with falling oil prices. The G-7 countries, which include Canada, France, Germany, Italy, Japan, the United Kingdom and the United States and Australia, have agreed not to pay more than $60 a barrel for Russian oil. The European Union has imposed an embargo on Russian crude since December 5th. Meanwhile, Moscow has replied that it will not supply oil to countries that impose price controls. Russia is trying to keep up by selling into other markets such as India and China.
It has been announced that India will continue to buy crude oil from Russia even if the European Union sanctions take effect on December 5th. Russia has been selling cheap crude oil to India since the US and European countries imposed sanctions.
The Western coalition’s goal is to squeeze economically Russia, which is at war with Ukraine. Crude oil is currently priced around $85 in the international market.
