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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.
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