Commodities Buzz: G Seven Economies Impose Price Cap On Russian Crude Oil

5 Sep 2022 , 04:53 PM

The G seven economies on Friday agreed to impose a price cap on Russian oil in an attempt to reduce Moscows ability to fund its war in Ukraine without further stoking global inflation. Finance ministers from the G7 group of countries that comprises the United States, Japan, Canada, Germany, France, Italy and the United Kingdom ? said they would ban the provision of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally above the price cap. That could block insurance cover or finance for oil shipments.Powered by Commodity Insights