BRUSSELS—The Group of Seven price cap on Russian seaborne oil came into force on Monday as the West tries to limit Moscow’s ability to finance its war in Ukraine, but Russia has said it will not abide by the measure even if it has to cut production.
The price cap, to be enforced by the G7 nations, the European Union, and Australia, comes on top of the EU’s embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan, and Britain.
It allows Russian oil to be shipped to third-party countries using G7 and EU tankers, insurance companies, and credit institutions, only if the cargo is bought at or below the price cap….