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.

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