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G-7 Set to Agree on Exploring a Price Cap on Russian Oil

  • Leaders want to find mechanism to curb Russia’s energy revenue
  • Right now it remains an idea, with officials tasked to examine
G-7 leaders in Elmau, Germany.

G-7 leaders in Elmau, Germany.

Photographer: Liesa Johannssen-Koppitz/Bloomberg
Updated on

Group of Seven nations are on course to announce efforts to pursue a price cap on Russian oil, US officials said Monday, though there is not yet a hard agreement on curbing what is a key source of revenue for Vladimir Putin for his war in Ukraine.

Russia’s war and limiting its profits from rising energy prices have been the main topics of discussion so far for leaders gathered for three days in the Bavarian Alps. Bloomberg News reported Sunday that the G-7 is discussing a price cap and that a potential mechanism would work by imposing restrictions on insurance and shipping.