G7 pledges to cap price of Russian oil

·1-min read

G7 countries pledged to introduce a cap on the price of Russian oil in a bid to weaken the country’s ability to fund its war in Ukraine.

While finance ministers agreed on the move on Friday (2 September), they did not provide a proposed figure for the cap, or specify when the plan would be finalised.

The group said the move would also curtail the rise in energy prices and inflation brought about by the war.

Russia’s Gazprom also announced on Friday that the Nord Stream 1 pipeline flow to Europe would remain closed indefinitely.

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