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 had promised to explore in June.
FILE - Britain's Chancellor of the Exchequer Rishi Sunak, center back, and U.S. Treasury Secretary Janet Yellen, back right, during a meeting of finance ministers from across the G7 nations at Lancaster House in London, on June 4, 2021. . The aim is to reduce Russia’s revenues and, by doing so, its ability to fund its war in Ukraine, while also limiting the impact of the war on global energy prices.
Meanwhile, skyrocketing energy prices have fed inflation that is squeezing consumers in rich and poor countries alike and threatens to push Europe into recession. The statement did not give any proposed figure for a potential price cap and also did not specify when the G-7 aims to finalize the plan. It said that “we invite all countries to provide input on the price cap's design and to implement this important measure,” calling for a “broad coalition in order to maximize effectiveness.”
Russian Deputy Prime Minister Alexander Novak has said Russia will refuse to sell oil to countries or companies that observe the cap.
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