Norway has agreed to adopt a USD 60 per barrel price cap on Russian crude, the Norwegian Ministry of Foreign Affairs informs in a statement.

The Scandinavian oil exporter thus follows on the heels of the EU, G7 nations and Australia, all of which introduced the measure last week at USD 60.

While not a EU member state, Norway often adopts the union’s policies.

The G7 consists of the world’s leading industries. Members include US, Japan, Germany, the UK, France, Italy and Canada.

The price ceiling is meant to pressure Russia’s economy being that Moscow’s war against Ukraine is largely financed by oil revenue.

”Norway continues to stand with the EU and all other allies regarding the sanctions against Russia in order to maintain pressure on the country’s government and its supporters,” says Foreign Minister Anniken Huitfeldt.

The White House has previously stated that the measure will limit Russian President Vladimir Putin’s ability to finance his ”war machine.”

Countries like Germany, the Netherlands, and Denmark have been sceptic regarding interventions in oil markets. They’ve expressed concern that Russia will move into other markets if the EU interferes.

Russia invaded Ukraine on Feb 24. The war is the largest armed conflict on European soil since World War II.

Russian attacks have destroyed close to half of Ukrainian utility supplies, meaning that millions of Ukrainians now face winter without electricity.

English edit: Simon Øst Vejbæk

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