G7 Countries Agree to Cap Russian Oil Prices

The G7 countries have reached a political agreement to work on limiting the price of Russian oil in order to deprive Russia of the opportunity to wage war against Ukraine.

Finance ministers from the G7 countries have agreed to ban the provision of “services which enable maritime transportation of Russian-origin crude oil and petroleum products globally” above the price cap.

The G7 countries have also called on other states to participate in setting the price cap on Russian oil and implementing it.