G7 industrialised powers on Friday said they would “urgently” move towards the implementation of a price cap on Russian oil imports, in order to stop Moscow from raking in huge profits from soaring energy prices.
Finance ministers from the Group of Seven advanced nations said in a statement they would “urgently work on the finalisation and implementation” of the measure, without specifying the cap level.
“Russia is benefitting economically from the uncertainty on energy markets caused by the war and is making big profits from the export of oil and we want to counter that decisively,” German Finance Minister Christian Lindner said in a press conference.
