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Energy and Environment

Oil spikes after US issues sanctions against Russian price cap violators

By Breanne Deppisch
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Oil spikes after US issues sanctions against Russian price cap violators

Oil prices spiked by 5% Friday after the U.S. announced new sanctions against two entities for violating the terms of the Russian oil price cap, in a preview of new enforcement measures expected to be detailed next week.

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G7 Israel Oil Russia Treasury Department