Russia’s Energy Antics Spur Push for Price Cap Talks at G-7
- Italy has been leading the charge for such a mechanism
- Discussion on oil cap gaining more traction as gas talks stall
Petroleum cracking tower units at an oil refinery in Nizhny Novgorod, Russia.
Source: Bloomberg
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Group of Seven officials are laying the groundwork for leaders to potentially discuss the introduction of a price cap on energy imports from Russia, in a bid to limit revenue for President Vladimir Putin and rein in prices, according to people familiar with the matter.
Lead negotiators for G-7 member states have been exploring the mechanism as part of preparations for the summit in the Bavarian alps in Germany on June 26-28, said the people, who asked not to be identified talking about private conversations.