US, EU, G7 and Australia announce new price cap on Russian petroleum products

The US and its allies are trying to further limit Russia’s ability to make money and finance its war efforts with new price limits on products like gasoline and fuel oil, a senior Treasury official announced Friday — adding to sanctions on Russian energy sales in response to the country’s invasion of Ukraine. An official told reporters that their “intent is not to crash the Russian economy” but “make it impossible for the Kremlin to continue to make the choice of propping up the economy and also paying for their war.” As a result of the combined joint nations’ efforts, Russia has become a closed economy and no longer allows foreign capital. The official said Russia’s “war is costing them more money” and their budget deficit is growing because of the “bravery of the Ukrainian people” and “weapons” which caught the Russians off guard.