London: The European Union, Australia and Group-7 countries have moved to weaken Russia economically by falling oil prices. The G-7 countries, which include Canada, France, Germany, Italy, Japan, the UK and the US, and Australia have decided not to pay more than $60 a barrel for Russian oil. The European Union has imposed an embargo on Russian crude oil since December 5. Meanwhile, Moscow has responded that it will not supply oil to countries that impose price controls. Russia is trying to keep up by selling in other markets like India and China.
It has been announced that India will continue to buy crude oil from Russia even if the European Union sanctions come into effect on December 5. Russia has been selling cheap crude oil to India since the US and European countries imposed sanctions.
The objective of the Western coalition is to economically squeeze Russia, which is at war with Ukraine. Crude oil is currently priced at around $85 in the international market.