G7 to ‘urgently’ impose Russian oil price cap

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G7 members announce plans to urgently implement a price cap on Russian oil imports in an effort to sap Moscow of some of its export earnings and funding for the war in Ukraine.

G7 members have agreed to impose a price cap on Russian oil

G7 members announce plans to urgently implement a price cap on Russian oil imports in a bid to hit Moscow’s ability to finance the war in Ukraine (Photo: Reuters)

G7 members announce plans to urgently implement a price cap on Russian oil imports in an effort to sap the Kremlin of some of its export earnings and funding for the war in Ukraine.

“We commit to urgently work on the finalisation and implementation of this measure”, G7 finance ministers said in a statement.

The ministers from Britain, Canada, France, Germany, Italy, Japan and United States did not say what price they would pay for Russian crude.

They said they hoped other countries would follow their lead “in order to maximise effectiveness” of the measure.

The US has led the push for the price cap, which would mark a serious escalation of the West’s sanctions on Russia. Energy exports are Russia’s biggest earner.

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