Price cap, oil embargo are ‘new economic shock’ for Russia, say central bank analysts

MOSCOW (Reuters) – A Western price cap and a European Union embargo on Russian oil are a new economic shock that could significantly reduce Russia’s economic activity in the coming months, central bank analysts said in a report on Wednesday.

The price cap on some Russian oil exports, to be enforced by the G7 nations, the European Union and Australia, comes on top of the EU’s embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain.

(Reporting by Elena Fabrichnaya and Alexander Marrow; editing by David Evans)