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In a bid to further limit Russia’s ability to make money and finance its brutal war efforts in Ukraine, the U.S. and allies on Friday announced new price caps on products like gasoline and fuel oil, TURAN's Washington correspondent reports.

The agreement between the U.S., the G7, the EU and Australia places a price cap on two levels: one applies to Russian "premium-to-crude" petroleum products like diesel, kerosene and gasoline, which will be capped at $100 USD per barrel, and the other on “discount-to-crude” petroleum products like fuel oil, which will be capped at $45 USD per barrel, according to the U.S. Treasury Department.

Speaking to reporters Friday afternoon, senior Biden administration officials shrugged off reports that despite sanctions, the Russian economy is still expected to rebound, saying that it “doesn't function any longer like a normal economy.”

Alex Raufoglu

Washington D.C.

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