Leaders of the Group of 7 nations are close to an agreement in principle to begin the process of potentially imposing price caps on Russian oil and are set to impose other new economic penalties on Moscow to support Ukraine, Biden administration officials said on Monday.
The agreement on oil, which treasury secretary Janet L. Yellen has pushed aggressively in recent weeks, would aim to limit how much money Russia can earn from each barrel of oil it sells on the global market, reducing the fossil fuel revenues Russia is relying on to finance its war effort.
It would also attempt to stabilise global oil markets — and hopefully bring down prices — by ensuring that Russian oil continues to flow to consumers worldwide even as wealthy democracies increasingly impose import bans on Russian oil in their countries.
