G7 Agrees On Oil Price Cap As Moscow Threatens To Halt Gas Supply To Europe

The G7 group of the most industrialized nations agreed on Friday to finalize and implement a price cap on Russian oil, aiming to reduce Vladimir Putin’s oil revenues for his war chest.  The G7 finance ministers confirmed they would finalize and implement “a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally – the provision of such services would only be allowed if the oil and petroleum products are purchased at or below a price (‘the…