The European Union and G7 introduced a ban on maritime imports of Russian crude oil and established a USD 60 per barrel price cap.

In late 2022, a ban was introduced on imports to the EU and price caps (USD 60 per barrel) on Russian crude oil transported by sea

The price cap was set at $60 a barrel, above the level that Russia had to discount to move barrels after the European ban was imposed.

In December 2022, a coalition involving the G7, the EU and Australia set a price cap of $60 per barrel on any Russian crude that these countries purchased.