The $ 60-per-barrel price cap on Russian crude oil, which came into effect on Monday, looks pretty straightforward. Buyers paying $60 or less per barrel of Russia’s crude will have full access ...

The price of Russian crude oil has risen above a price cap set by the Group of Seven nations, in the first “real test” of whether the West can enforce one of its key sanctions against Moscow.

The G7's price cap on Russian energy exports is an example of Western policymakers trying to have their cake and eat it, too. It's also one that is likely to fail.

For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. Russia's benchmark oil — often exported with Western ships ...

On Monday, the EU's embargo on seaborne Russian oil imports took effect, along with a $60-a-barrel price cap on Moscow's crude that is meant to prevent a supply shock and limit Putin's energy revenue.

Russia has the sovereign right to respond to the G7 oil price cap, and it hasn’t consulted with OPEC+ over the response, Kremlin spokesman Dmitry Peskov said on Wednesday.

The idea of the cap, pitched hard by U.S. Treasury Secretary Janet L. Yellen, is to limit how much Russian President Vladimir Putin can make on the oil he diverts elsewhere in the world without ...

FRANKFURT, Germany (AP) — Major Western measures to limit Russia’s oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to ...

The Yarakta oil field in Russia’s Irkutsk region. Russian officials have said they would refuse to sell oil under the price cap. Photo: vasily fedosenko/Reuters ...