URGENT: G-7 to explore Russian oil price cap to hit war chest over Ukraine

Politics Economy

The Group of Seven industrialized nations agreed Tuesday to explore imposing a price cap on Russian oil to further punish Russia for its invasion of Ukraine by targeting its key revenue source for the war. In a joint communique released after a three-day summit, the G-7 leaders said they will continue to impose "severe and immediate" economic costs on Russian President Vladimir Putin's regime for its unjustifiable war on Ukraine while stepping up efforts to address its consequences such as energy and food security along with inflation. The G-7, meeting in southern Germany, called on China to p...

Kyodo News

Kyodo News