The U.K., a Maritime Insurance Hub, Commits to Cap Price of Russian Oil

WASHINGTON—The British Treasury chief mentioned the U.K. was dedicated to a U.S.-led effort to put a cap on the worth of Russian oil as a prime Russian official mentioned the nation would refuse to promote oil at a capped value.

In an interview on the British Embassy in Washington, Chancellor of the Exchequer Nadhim Zahawi mentioned he was assured the price cap plan would succeed. Finance ministers from the Group of Seven rich nations are expected to virtually meet on Friday and endorse a top level view for capping the worth of Russian oil, The Wall Street Journal beforehand reported.