EU price cap on Russian gas would trigger immediate cut-off in supplies, Hungary says By Reuters September 8, 202210:01 PM PDTUpdated September 9, 2022 ...

The price cap was invented as an escape hatch to the financial penalties that the United States, Europe and others announced on Russian oil exports in the immediate aftermath of the invasion.

Images: Reuters/AP Composite: Mark Kelly Europe’s ban on Russian oil, combined with the U.S.-generated “cap” on Russian oil prices, marks the end of the global oil market.

Russia said it plans to cut oil production by about 5% next month, making good on a threat by Russian President Vladimir Putin to retaliate against Western oil sanctions but also showing the ...