G7 coalition has agreed to set fixed price for Russian oil: Report
Updated: 04 Nov 2022, 10:35 AM IST
TL;DR.On September 02, the G7 nations agreed to implement a price cap on oil imports from Russia in a bid to cut off a major source of funding for Moscow's military action in Ukraine.
U.S. Treasury Secretary Janet Yellen and other G7 officials argue the price cap, set to begin in December. 5 on crude and Feb. 5 on oil products, which will squeeze funding to Russia without cutting supply to consumers.