Group of Seven finance ministers agreed on Friday to impose a price cap on Russian oil aimed at slashing revenues for Moscow’s war in Ukraine while avoiding price spikes, but Russia said it would halt oil sales to countries imposing it.
The ministers from the G7 wealthy democracies confirmed their commitment to the plan after a virtual meeting. They said, however, that key details, including the per-barrel level of the price cap would be determined later “based on a range of technical inputs” to be agreed by the coalition of countries implementing it.
“Today we confirm our joint political intention to finalise and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally,” the G7 ministers said.
