In the context of the sanctions imposed by Western countries on Moscow in order to increase pressure and reduce the means of financing its war in Ukraine, Western countries began, today, to impose a maximum price limit for a barrel of Russian oil of 60 dollars and a ban on some types

As of Monday, EU shipping companies will be allowed to transport Russian oil only if it is sold at the maximum price set by the group of seven or less

The maximum price will also be reviewed every two months starting from mid-January to keep it at least five percent below the market price

And since the world's main shipping and insurance companies are located in the countries of the group of seven, it will be very difficult for Moscow to sell its oil at a price above the limit.

If the maximum price is changed after the periodic review mechanism, there will be a grace period of 90 days to ensure that no vessel carrying oil purchased at an unacceptable price is detained at sea

The revision of the maximum price is an EU-specific mechanism

Any change in the price level requires the unanimous approval of the 27 EU countries.

Once the EU agrees on a change, it will be discussed at the level of the group of seven, which also includes the United States, Canada, Britain and Japan

Ukrainian President Volodymyr zelenskiy commented on the decision of Western countries, saying that the setting of the group of seven countries and Australia a maximum price for Russian seaborne oil at 60 dollars is not a serious decision and will not contribute much to deter Russia from its war in Ukraine

On the Russian side, Russian Deputy Prime Minister Alexander Novak, who is responsible for energy issues, warned in televised remarks that Russia will not sell its oil to countries that may try to use the price cap