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Western nations cap price of Russian oil over war in Ukraine

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The G-7 group of leading industrialized nations, the European Union and Australia have agreed not to facilitate the export of Russian oil unless it's sold for $60 or less a barrel. The EU also banned all seaborne imports of Russian oil. Elina Ribakova, deputy chief economist at the Institute of International Finance, joins Nick Schifrin to discuss the impact of the moves.

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Category
U.S. & Canada
Tags
consumer prices gas, g7 oil caps, global oil supply
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