Russian Oil Faces Price Cap Under New G-7 Plan

The Group of Seven rich nations rolled out a plan to cap the worth of Russian oil on international markets, committing to a novel sanctions design aimed toward limiting Russia’s income from oil gross sales as its invasion of Ukraine grinds on.

The finance ministers of the G-7 mentioned they’d transfer to ban the insurance coverage and financing of shipments of Russian oil and petroleum merchandise until they’re bought below a set worth cap.