Russian oil price cap, EU ban aim to limit Kremlin war chest

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (AP) — Major Western measures to limit Russia’s oil profits over the war in Ukraine have taken effect. They bring uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that’s held up better than many expected under sanctions. Starting Monday, the European Union is banning most Russian oil and the Group of Seven democracies has imposed a price cap of $60 per barrel on Russian exports to other countries. The impact may be blunted because Russia has been able reroute much of its European seaborne shipments to China, India and Turkey, although at steep discounts. Plus, the price cap is near what Russian oil already cost.