G7 countries agree to set a price cap on Russian oil as Moscow vows to cut off countries that join in

A view shows the Alexander Zhagrin oilfield operated by Gazprom Neft in Khanty-Mansi Autonomous Area–Yugra, Russia, in this picture released August 30, 2022.

The G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, will set a price cap for Russian oil, the group’s finance minister announced Friday

Russia said it would cut off any country that joined the plan. 

“As far as price restrictions are concerned, if they impose restrictions on prices, we will simply not supply oil and petroleum products to such companies or states that impose restrictions as we will not work non-competitively,” Deputy Prime Minister Alexander Novak said on Thursday, according to the Russian News Agency TASS

The G7 leaders have yet to announce exactly what the price cap will be.

“The price cap is specifically designed to reduce Russian revenues and Russia’s ability to fund its war of aggression whilst limiting the impact of Russia’s war on global energy…

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This article was written by [email protected] (Katie Anthony) and originally published on www.businessinsider.com