Russian Oil Faces Price Cap Under New G-7 Plan

The Group of Seven wealthy nations rolled out a plan to cap the price of Russian oil on global markets, committing to a novel sanctions design aimed at limiting Russia’s revenue from oil sales as its invasion of Ukraine grinds on.

The finance ministers of the G-7 said they would move to ban the insurance and financing of shipments of Russian oil and petroleum products unless they are sold under a set price cap.

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This article was written by and originally published on www.wsj.com