A plan to cap the price of Russian oil exports is close to being finalised, the G7 said on Friday, with details emerging of how they aim to reduce a vital source of revenue for the Kremlin while limiting the impact on supply and global prices.The G7 agreed in principle on the price cap in September in response to president Vladimir Putin’s war in Ukraine, but ministers are still working on the final details of its implementation.
“Russia needs to sell energy to keep the country going, to keep its economy going, and it wants to sell energy to fund the war,” Antony Blinken, US secretary of state, said on Friday.
“This is a good mechanism for making sure energy remains on the market but that the gains Russia gets from it have a ceiling.”
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