G7 price cap and ban on Russia’s seaborne oil kick in

The first phase of the European Union’s ban on Russian crude oil and petroleum products kicked in this week.

European countries will stop buying seaborne crude oil from Russia with limited exceptions, robbing the Kremlin of revenues it needs to sustain its war efforts in Ukraine.

The embargo comes at the same time as a $60 a barrel price cap on Russian oil, backed by the Group of Seven advanced economies (G7), comes into effect.

Counting the Cost talks to Robin Mills, the chief executive officer of Qamar Energy, about recent developments and the possible effect on global oil prices.