G7 Presses Ahead With Russian Oil Price Cap

The G7 are pressing on with their price cap on Russian oil, targeting a date of December 5 for having a mechanism in place to achieve this, an anonymous senior G7 official told Reuters on Wednesday. December 5 is also the date that the EU's ban on Russian seaborne crude oil imports goes into effect. "The goal here is to align with the timing that the EU has already put in place. We want to make sure that the price cap mechanism goes into effect at the same time," the official said. A price cap on Russian oil purchases would theoretically impede…