G7 still working on precise mechanism to implement price cap on Russian oil – US official

  • To issue coordinated steps tomorrow to raise pressure on Russia
  • G7 close to setting global price cap for Russian oil
  • Targeting services for transporting Russian oil is a ‘promising avenue’
  • US will impose higher tariffs on Russian goods worth about $2.3 billion

It looks like they may not reach an agreement for a price cap per se at this meeting but that will be the direction that they are looking to push towards at least. The real challenge is really to get commitment from nations outside of the G7 but I guess we’ll have to see how the politics get involved on that matter.

Go to top