The price cap aims to keep Russian diesel in the global market while cutting into Moscow’s income, thus slashing indirect support to the Kremlin's war chest.
President Vladimir Putin's decree is seen as a retaliatory mechanism against countries that abide by the West's decision to impose a $60 per barrel price ceiling on Russian oil.
Ukrainian military is beefing up protection at power plants and other critical infrastructure ahead of warnings that Russia is planning to launch massive missile strikes, as fighting enters its 284th day.
The price cap plan – which the European Commission was never keen on – sets a maximum threshold of 275 euros per megawatt hour.
Russian oil "is going to be selling at bargain prices and we're happy to have India get that bargain or Africa or China" as long as New Delhi doesn't use Western insurance, finance, or maritime services, says US Treasury Secretary Janet Yellen.
Agreement reached "to work on measures to contain energy prices for households and businesses," says European Council’s Charles Michel, as countries meet to discuss gas prices pushed skywards by Russia-Ukraine conflict.
Moscow is already facing the heat of a planned Western price cap on its oil and is offering huge discounts to partners while looking for other buyers, says US Treasury Secretary Janet Yellen.
The EU leadership seeks to starve Russia of the funds it needs to finance its war with Ukraine, but that comes at a high cost.
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