(VOVWORLD) - Japan implemented a price cap on Russian crude oil on Monday but excluded crude oil imported from Sakhalin-2, in which Japanese energy operators have held a stake since the exit of Shell.
 An oil pump station in Yamashi village, Almetyevsk district, Republic of Tatarstan (Photo: AP/VNA)
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The Japanese Government said this move was was done to protect Japan’s energy security, after the G7 agreed to set a price cap on Russian crude oil of 60 USD per barrel on December 2.
The G7, the EU, and Australia have all set a price cap on Russian seaborne oil of 60 USD per barrel.
Kremlin spokesman Dmitry Peskov said the price cap will destabilize global energy markets and Russia is now preparing a response.