RUSSIAN OIL PRICE CAP AGREED UPON BY G7

  • 02/09/2022

In an effort to hinder Moscow's ability to finance the conflict in Ukraine, members of the G7 have agreed to set a price cap on Russian oil.

The cap on crude oil and petroleum products, according to finance ministers, will also help bring down the price of energy globally. A level for the cap will be chosen based on a number of technical inputs.

The G7 declared, "We will continue to stand with Ukraine for as long as it takes."

Russia declared that it would stop selling oil to nations with price controls.

Companies that set a price cap won't receive Russian oil, according to Kremlin spokesman Dmitry Peskov. 

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.

Related News

Thousands of Lebanese return home as Israel-Hezbollah ceasef ...
  • 30/11/2024
Australia passes world-first law banning under-16s from soci ...
  • 30/11/2024
Israeli minister states IDF will remain in Gaza for ‘many ye ...
  • 30/11/2024
Canadian media organisations sue openAI over copyright viola ...
  • 30/11/2024
Man from Arizona arrested after threatening to kill Donald T ...
  • 30/11/2024
Israel PM reaffirms his plan to attack Rafah with ground for ...
  • 12/03/2024
Pakistan ex-PM Imran Khan jailed for 10 years
  • 30/01/2024
ICJ orders Israel to stop genocide acts in Gaza
  • 26/01/2024
Iran bomb blast: More than 100 killed
  • 03/01/2024
Russia-Ukraine war: 14 killed in Russia’s Belgorod in shelli ...
  • 30/12/2023
Russia-Ukraine war: Biggest aerial attack on Ukraine cities
  • 30/12/2023
South Africa launches genocide case against Israel at UN Cou ...
  • 30/12/2023