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G-7 Backs Russian Oil Price-Cap Plan With Key Buyers Yet to Join

  • All 27 EU members would need to agree to amend oil sanctions
  • US says price cap would help ease pressure on energy markets
Bloomberg business news
WATCH: Is the G-7 about to back a plan to cap Russian oil prices? Bloomberg Government’s Jack Fitzpatrick has he latest.Source: Bloomberg
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The Group of Seven most industrialized countries said they plan to implement a price cap for global purchases of Russian oil -- a measure the US hopes will slash Moscow’s overall revenues but has so far been treated with skepticism in the oil market.

The group’s finance ministers said in a joint statement they plan to implement a price cap in line with the timing of European Union sanctions on Russian oil set to kick in on Dec. 5. US Treasury Secretary Janet Yellen, who led efforts to build a coalition, said separately that details could be finalized in the coming weeks.