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G7, Europe reach deal for price cap on Russian diesel

U.S. Treasury Secretary Janet Yellen said Friday that industrialized countries in the Group of Seven are imposing a price cap on refined Russian oil products such as diesel and kerosene, as part of a coalition that includes Australia and a tentative agreement from the European Union.

Diesel and other fuel is delivered to a gas station in Frankfurt, Germany, Friday, Jan. 27, 2023. A European ban on imports of diesel fuel and other products made from crude oil in Russian refineries takes effect Feb. 5. The goal is to stop feeding Russia's war chest, but it's not so simple. Diesel prices have already jumped since the war started on Feb. 24, and they could rise again. (AP Photo/Michael Probst)



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