G7 and allies approve cap on price of Russian oil - BBC News

The G7 group and its allies have officially approved a cap on the price of Russian oil.

In a joint statement, the G7 and Australia said the price cap would come into force on 5 December or "very soon thereafter".

The plan, which stops countries paying more than $60 (€57; £48) a barrel, needed the agreement of all EU states.

It comes after the EU agreed on the price cap after persuading Poland to back it.

The price cap was put forward by the G7 group of nations in September and aims to stop Moscow profiting from oil exports while avoiding a price spike.