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FILE - An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia. Oil prices rose Monday Dec. 5, 2022 as the first strong measures to limit Russia's oil profits over the war in Ukraine took effect, bringing with them uncertainty about how much crude could be lost to the global economy through the new sanctions or Russian retaliation. (AP Photo, File)

FILE - An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, on Oct. 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia. Oil prices rose Monday Dec. 5, 2022 as the first strong measures to limit Russia's oil profits over the war in Ukraine took effect, bringing with them uncertainty about how much crude could be lost to the global economy through the n…

December 5, 2022

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Russian oil price cap, EU ban aim to limit Kremlin war chest
December 5, 2022 8 a.m.

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

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.