Norway has agreed to adopt a price cap on Russian crude at USD 60 per barrel, the Norwegian Ministry of Foreign Affairs informs in a statement.

The Scandinavian oil exporter thus follows the example set by the EU, G7 nations and Australian, all of which introduced the measure last week at 60 dollars.

While not a EU member state, Norway often adopts the union’s policies.

The G7 consists of the US, Japan, Germany, the UK, France, Italy and Canada.

The price ceiling is meant to pressure Russia’s economy being that the Moscow’s war against Ukraine is largely financed with oil revenue.

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