The US has said it is “determined” to enforce a price cap on Russian oil announced by the G7 countries, terming it a “powerful tool” that will significantly reduce Moscow’s main source of funding for its “illegal war” in Ukraine and help fight global inflation.
Members of the G7 grouping vowed on Friday to “urgently” move towards implementing a price cap on Russian oil imports in a bid to shrink a key source of revenue the country uses to finance its war in Ukraine.
“We seek to establish a broad coalition in order to maximise effectiveness and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap,” the group said in a statement.
