A report claims that the Group of Seven leaders are currently on track to place price caps on Russian crude oil imports.
Group of Seven leaders (G7) hold “very constructive” talks about a potential cap on the price of Russian oil imports, Reuters reported ahead of the group’s summit on Sunday, citing a German government official.
“We are on a good path to reach an agreement,”According to the official.
US Treasury Secretary Janet Yellen proposed a cap on Russian oil prices in order to mitigate global inflation and fuel price hikes in the West, as well as reducing Moscow’s oil revenue.
Britain, Canada, the USA and Britain already ban Russian oil. The EU, however, has placed an embargo against Russian oil that is imported via sea.
G7 Summit kicks off in Germany
G7 is a group of countries that includes the US, Canada and Britain as well as France, Germany, Italy, Germany, France, Germany and Japan. It will hold its third annual meeting at the Schloss Elmau in south Germany. Leaders plan to work together to coordinate a response to Russia-Ukraine conflicts, including additional sanctions for Moscow and greater aid to Kiev.
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