January 18, 2023 - In 2021, Russia was the third-largest energy producer and energy consumer in the world. Following Russia’s full-scale invasion of Ukraine in February 2022, the United States and the European Union enacted a range of sanctions. Many of these sanctions target Russia’s energy exports. In early October 2022, the EU passed its eighth sanctions package, which codified the price cap initiative, and the G7 officially agreed to an initial crude oil price cap of $60/barrel in early December 2022.