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Europe bans Russian diesel imports and other refined oil products
Russia looks at war on Ukraine as ‘existential challenge’: George Beebe
Former CIA Chief of Russia analysis George Beebe says if ‘push comes to shove,’ Russia will use ‘every weapon in their arsenal’ to avoid defeat.
The European Union's ban on Russian diesel imports and other refined petroleum products went into effect on Sunday, the latest attempt by the 27-nation bloc to defund Russian President Vladimir Putin's war machine.
The G7, which consists of the U.S., Canada, France, Germany, Italy, Japan, and the United Kingdom, also agreed to aprice cap of $100-per-barrel on Russian diesel sales for non-Western countries.
The cap is enforced by a requirement that shippers and insurers, which are largely based in the West, only handle oil products priced below the limit. A price cap of $60-a-barrel was previously placed on Russian crude oil shipments.
"Today’s agreement builds on the price cap on Russian crude oil exports that we set in December and helps advance our goals of limiting Russia’s key revenue generator in funding its illegal war while promoting stable global energy markets," U.S. Treasury Secretary Janet Yellen said on Friday.