Ukraine war: G7 agrees to impose price cap on Russian oil

Members of the G7 have agreed to impose a price cap on Russian oil in a bid to hit Moscow’s ability to finance the war in Ukraine.

Finance ministers said the cap on crude oil and petroleum products would also help reduce global energy prices. The cap will be set at a level based on a range of technical inputs.

“We will continue to stand with Ukraine for as long as it takes,” the G7 said.

Russia said it would stop selling oil to countries that imposed price caps.

“Companies that impose a price cap will not be among the recipients of Russian oil,” Kremlin spokesman Dmitry Peskov said.

The G7 (Group of Seven) consists of the UK, US, Canada, France, Germany, Italy and Japan. The group is an organisation of the world’s seven largest “advanced” economies, which dominate global trade and the international financial system.

At their virtual meeting, the finance ministers said the oil price cap plan was “specifically designed” to reduce Russian revenues and its ability to “fund its war of…

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This article was written by and originally published on www.bbc.co.uk