G7 to ‘urgently’ impose Russian oil value cap

G7 members announce plans to urgently implement a value cap on Russian oil imports in an effort to sap Moscow of a few of its export earnings and funding for the conflict in Ukraine.

G7 members announce plans to urgently implement a value cap on Russian oil imports in a bid to hit Moscow’s potential to finance the conflict in Ukraine (Photo: Reuters)

G7 members announce plans to urgently implement a value cap on Russian oil imports in an effort to sap the Kremlin of a few of its export earnings and funding for the conflict in Ukraine.

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“We commit to urgently work on the finalisation and implementation of this measure”, G7 finance ministers stated in an announcement.

The ministers from Britain, Canada, France, Germany, Italy, Japan and United States didn’t say what value they’d pay for Russian crude.

They stated they hoped different international locations would comply with their lead “in order to maximise effectiveness” of the measure.

The US has led the push for the worth cap, which might mark a critical escalation of the West’s sanctions on Russia. Energy exports are Russia’s greatest earner.

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