G7 Agrees To Cap the Price of Russian Oil Despite Warnings by Moscow

G7 Agrees To Cap , the Price of Russian Oil , Despite Warnings by Moscow.

On September 2, finance ministers from the G7 group of nations agreed to impose a price cap on Russian oil.

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CNN reports that the move comes as an attempt to limit Moscow's ability to fund its invasion of Ukraine and drive global inflation.

CNN reports that the move comes as an attempt to limit Moscow's ability to fund its invasion of Ukraine and drive global inflation.

The G7 consists of the West's largest economies and is made up of the United States, Japan, Canada, Germany, France, Italy and the United Kingdom.

Finance ministers from the G7 agreed to ban the provision of , "services which enable maritime transportation of Russian-origin crude oil , and petroleum products globally" above the price cap.

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CNN reports the move could also include a ban on insurance cover or finance for oil shipments.

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In a joint statement, the finance ministers said the maximum price would be set by "a broad coalition" of countries.

In a joint statement, the finance ministers said the maximum price would be set by "a broad coalition" of countries.

CNN reports that the price cap is scheduled to take effect alongside the European Union's next round of sanctions aimed at a ban on seaborne imports of Russian oil.

CNN reports that the price cap is scheduled to take effect alongside the European Union's next round of sanctions aimed at a ban on seaborne imports of Russian oil.

Previously, Russia has threatened to ban all oil exports to any country that implements a price cap.

We will simply not supply oil and petroleum products to such companies or states that impose restrictions, as we will not work non-competitively, Alexander Novak, Deputy Prime Minister, via state news agency TASS