G-7 to Discuss Cap on Price of Russian Oil in Bid to Ease Prices
- Yellen and counterparts to discuss proposal on Friday
- US, allies hope measure will ease energy market pressures
Pump jacks in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.
Source: Bloomberg
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Group of Seven finance ministers will hold talks this week on allowing global purchases of Russian oil at a capped price -- a gambit that the US hopes will ease energy market pressures and slash overall Russian revenues from crude.
Treasury Secretary Janet Yellen and her counterparts will discuss the measure further in a session on Friday, US officials said. The plan would allow purchasers of Russian oil under a capped price to continue getting crucial services -- like financing and insurance for tankers.