scorecardresearchG7 coalition has agreed to set fixed price for Russian oil: Report

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.

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.