G-7 Nears Agreement on Exploring New Sanction Capping Russian Oil Price

The Group of Seven membership of rich democracies is inching towards an settlement on increasing its sanctions in opposition to Russia by searching for a mechanism to cap the acquisition worth of Russian oil, officers mentioned, however the particulars are nonetheless being labored out.

The transfer, underneath dialogue on the three-day G-7 summit within the Bavarian Alps that started Sunday, would come on prime of a ban on the purchase of Russian gold, officers mentioned. They mentioned oil is essentially the most profitable export for the Kremlin, whereas gold makes up a major a part of the state revenues that fund Russian President Vladimir Putin’s conflict.