G-7 pledges to move forward with Russia oil price cap system
Image Credit: AFP
Finance ministers from the Group of Seven industrial powers on Friday pledged to put in place a system designed to cap Russia's income from oil sales, an idea that the nations' leaders had promised to explore at their summit in June. The aim is to reduce Russia's revenues and, by doing so, its ability to fund its war in Ukraine, while also limiting the impact of the war on global energy prices.