G-7 pledges to move forward with Russia oil price cap system
Headline from WFMZ Allentown
Finance ministers from the Group of Seven industrial powers have pledged to put in place a system designed to cap Russia’s income from oil sales, an idea the nations’ leaders
WFMZ Allentown's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Finance ministers from the Group of Seven industrial powers have pledged to put in place a system designed to cap Russia’s income from oil sales, an idea the nations’ leaders
Group of Seven Finance Ministers said today that they plan to impose a price cap on Russian oil, setting into motion an ambitious plan to cut off Russia’s main source of war funding without spiking oil prices.
By Alex Stambaugh, Julia Horowitz and Michelle Toh, CNN Business The West’s biggest economies on Friday agreed to impose a price cap on Russian oil in an attempt to reduce Moscow’s ability to fund its war in Ukraine without further stoking global inflation.
The announcement did not include the level at which the price cap would be set, but G7 ministers said they would discuss that detail with international partners.
G7 finance ministers in Elmau, Germany have called for a price cap on Russian oil. Their goal is to stop Russia from profiting from its war against Ukraine.
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