September 2, 2022

The Group of Seven wealthy nations on Friday agreed on a plan to implement a price-capping mechanism on Russian oil exports, seeking to curtail the Kremlin’s ability to fund its war in Ukraine and better protect consumers amid soaring energy prices.

Finance ministers representing the G-7 nations said in a joint statement they recognized that, for the European Union, unanimity among the 27-nation bloc is required.

“We aim to align implementation with the timeline of related measures within the EU´s sixth sanctions package,” they said.

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