The G7 Could Finalize Plans For A Price Cap On Russian Oil Today

Plans to impose an energy price cap on Russian oil are expected to be firmed up by G7 finance ministers when they meet later today. The G7 wants to slash revenues funding Russia’s invasion of Ukraine while maintaining its sanctions on supplies without causing price spikes. Oil peaked at a 14-year high of $139 per barrel in March, and has remained historically elevated since then – only dropping back below the $100 milestone last month. It has proposed limiting the per-barrel level of the price cap, above which complying countries would…