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The price of Russian crude oil has risen above a price cap set by the Group of Seven nations, in the first “real test” of whether the West can enforce one of its key sanctions against Moscow.

The typical household bill for those who have still not signed up to a fixed tariff will drop by £129 to £1,720 per year.

The price cap will essentially be an exception to Western sanctions, allowing Russian oil to be sold and shipped as long as it remains below a certain price.

A price cap on insulin from one of the three major manufacturers took effect on New Year's Day, giving more Americans with diabetes more affordable treatments. As of Jan. 1, 2024, Sanofi cut the ...

Gas and electricity bills will fall in July, when a new price cap takes effect. It will more than reverse the increase for millions of households on 1 April under the current cap.