G7 agrees on Russian oil price cap

BERLIN:

Group of Seven finance ministers agreed on Friday to impose a price cap on Russian oil aimed at slashing revenues for Moscow’s war in Ukraine while avoiding price spikes, but Russia said it would halt oil sales to countries imposing it. The ministers from the G7 wealthy democracies confirmed their commitment to the plan after a virtual meeting. They said, however, that key details, including the per-barrel level of the price cap would be determined later “based on a range of technical inputs” to be agreed by the coalition of countries implementing it. 

Published in The Express Tribune, September 3^rd, 2022.

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