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Europe’s New Sanctions on Russian Oil Kick In: What Changes?

Bloomberg business news
Watch: The EU sets a $60 price cap for Russian oil.Markets: The Close.”
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After months of planning and negotiations, the biggest tranche of sanctions on Russian oil to date take effect on Monday. How big their impact will be remains uncertain.

The Group of Seven clinched a last-minute deal to cap the price of Russian crude at $60 per barrel. Anyone wanting to access key services that the bloc provides -- especially insurance -- will have to pay that price or less. The same goes for European tankers, especially the giant Greek fleet.