G-7 set to back plan to cap Russian oil price to ease market pressure
The Group of Seven most industrialized countries are poised to agree to introduce a price cap for global purchases of Russian oil — a measure the US hopes will ease energy market pressures and slash Moscow’s overall revenues.
G-7 finance ministers are meeting Friday, where they are expected to formally back the plan, according to two people familiar with the matter. The G-7 plan, which is part of broader efforts to punish Russia for its military invasion of Ukraine, would allow buyers of Russian oil under a capped price to continue getting crucial services like financing and insurance for tankers.
