Japan defies US allies, purchases Russian oil above $60 per barrel cap.

Japan has started buying Russian crude oil above the $60-a-barrel cap, breaking with Western allies due to an exception authorized by the United States. The G7 nations and Australia agreed to a $60 per barrel price cap on Russian seaborne crude oil to reduce Russia’s income from selling oil while preventing a spike in global oil prices. The exception granted to Japan allowed it to purchase Russian oil above the cap through September. Japan heavily relies on imports for much of its energy needs and has almost none of its own fossil fuels.