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

The US and 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.

“Our intent is not to crash the Russian economy,” the official told reporters Friday. “Our intent is to make it impossible for the Kremlin to continue to make the choice of propping up the economy and also paying for their war.”