The Standard Group Plc is a multi-media organization with investments in media platforms spanning newspaper print operations, television, radio broadcasting, digital and online services. The Standard Group is recognized as a leading multi-media house in Kenya with a key influence in matters of national and international interest.

Standard Group Plc HQ Office,
The Standard Group Center,Mombasa Road.
P.O Box 30080-00100,Nairobi, Kenya.
Telephone number: 0203222111, 0719012111
Email: [email protected]

NEWS & CURRENT AFFAIRS

Digital News

What Russian oil price cap means for global market

By AP | Dec. 6, 2022

**A winding tower of a closed coal mine rusts in front of a coal-fired power station in Gelsenkirchen, Germany, March 8, 2022.** [AP Photo]

Western governments have agreed to cap the price of Russia's oil exports in an attempt to limit the fossil fuel earnings that support Moscow's budget, its military and the invasion of Ukraine.

The cap was set to take effect Monday, the same day the European Union imposed a boycott on most Russian oil - its crude that is shipped by sea. The EU reached a deal for a $60-per-barrel threshold on Friday, and the Group of Seven nations and Australia signed off on the deal later in the day.

Get Full Access for Ksh299/Week.

Uncover the stories others won’t tell. Subscribe now for exclusive access