Energy News

G7 finance ministers agreed to impose a price cap on Russian oil

by APA

Group of Seven finance ministers have agreed to impose a price cap on Russian oil, a reporter for Sky News said on Friday, in a move aimed at slashing revenues for Moscow’s war in Ukraine but keeping crude flowing to avoid price spikes.

“We will curtail (Russian President Vladimir) Putin’s capacity to fund his war from oil exports by banning services, such as insurance and the provision of finance, to vessels carrying Russian oil above an agreed price cap,” British Finance Minister Nadhim Zahawi said, according to a tweet by Sky News reporter Tamara Cohen.

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