G7 finance ministers agree to impose price cap on Russian oil
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 keeping crude flowing to avoid price spikes, but their statement left out key details of the plan.
The ministers from the club of wealthy industrial democracies confirmed their commitment to the plan after a virtual meeting. They said, however, that 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 and petroleum products globally,” the G7 ministers said.
