Measures To Limit Russian Profits On Oil Exports Take Effect

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An EU ban on most Russian oil exports and a price cap imposed by the G7 countries has taken effect, aimed at limiting Russia’s ability to fund its war in Ukraine.  While EU energy analysts predict the measures will work, a Kremlin official stated “such measures will not affect” the Russian war.  Russia said they will not sell any oil to countries observing the cap, sparking concerns of a sharp increase in the cost petroleum products including gasoline.