Industry

Norway sanctions Russian oil

Posted On: Feb 1, 2023   |   Posted By: RT

Norway sanctions Russian oil

The Nordic nation has joined the EU and G7 nations by imposing a $60 price cap
Oslo has introduced a price ceiling of $60 per barrel for crude oil from Russia, the country's Ministry of Foreign Affairs stated on Thursday. The measure will help to reduce Moscow's earnings from the sale of crude to third countries, the ministry said.
This corresponds to the price ceiling adopted by the EU and G7 countries, which came into effect this week.
“Norway continues to stand together with the EU and other allies regarding the sanctions against Russia, in order to maintain pressure on the country's government and supporters,” Foreign Minister Anniken Huitfeldt said in a press release.
Norway, which is not an EU member state, has become the bloc's largest supplier of natural gas after Russia reduced exports due to sanctions. As a result, the nation's energy industry has seen record income as prices soar.

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