G7’s Price Cap On Russian Oil:
The Group of Seven countries is working to cap the price of Russian oil in an attempt to limit Moscow’s ability to fund its invasion of Ukraine, a plan analysts say could work in the long term but might boost oil prices in coming months.
- The G7 wealthy nations – the United States, Japan, Germany, Britain, France, Italy and Canada – and the EU are hammering out details of the plan.
- The G7 wants to enlist other countries, including India and China, which have been snapping up heavily-discounted oil from Russia since its Feb. 24 invasion of Ukraine
- Russia has managed to maintain its revenues through those increased crude sales to India and China. But even if India and China don’t join, a cap could help force down prices for Asia and other consumers.
