NEW DELHI: In a bid to weaken Russia’s ability to fund the Ukraine war, the Group of Seven (G7) leaders on Tuesday agreed to develop a price cap mechanism for Russian oil. According to reports, the G7 leaders discussed the US’ suggestion that a price cap decided by consuming countries be imposed. While the contours of the scheme have not been announced, reports say Moscow will be allowed to recover production cost and earn a very small profit for its petroleum products.
