Skip to content

As G-7 Talks Price Caps, Russian Oil Gets More Expensive

Video player cover image
G-7 Moves Closer to Reversing Fossil-Fuel Funding Pledge
Updated on

Russia is getting higher prices for its oil as strong demand in Asia undermines western powers’ efforts to curb revenues to Moscow’s war machine.

The Group of Seven leaders agreed on Tuesday that they want ministers to urgently evaluate how the price of Russian oil can be curbed to limit the energy proceeds that the Kremlin uses to finance its conflict in Ukraine. The main idea floated over the past few weeks has been some kind of cap.