URGENT: G-7 "very close" to seeking global price cap for Russia oil: U.S.

Politics Economy

The Group of Seven industrialized nations are "very close" to deciding to move toward setting a global price cap for Russian oil in shipments outside the group's economies in the latest move to pressure Moscow over its invasion of Ukraine, a senior U.S. government official said Monday. The G-7 leaders, who are gathering in southern Germany for a three-day summit meeting through Tuesday, will also seek to use revenues collected by tariffs on Russian goods to help Ukraine. The United States will implement a higher tariff rate on more than 570 groups of Russian products worth approximately $2.3 b...

Kyodo News

Kyodo News