Russia on Saturday rejected the EUs decision to impose a price cap on Russian oil for $60 per barrel and warned it will cut off any country that endorses the cap. The EUs ban on Russian oil will take effect on Monday, and the idea of the cap is so European insurance and other services can continue for Russian oil shipments if the crude is sold at the $60 limit. But Russia has warned since the plan was first discussed by the US and G7 that it wouldnt comply.
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