G7 Seeks to Disrupt Russian Exports With Tighter Oil Price Cap

The Group of Seven is looking to send a big anti-Russia message on Feb. 24, the three-year anniversary of Putin's invasion of Ukraine, with a potential tightening of an oil price cap intended to further hurt revenue for Russia's war machine. Bloomberg has revealed a G7 draft statement Tuesday calling for member nations to collectively redraw the price limit, which is currently set at $60 a barrel for crude oil. The document spells out pressure for Russia to "incentivize it to negotiate a meaningful peace" in Ukraine; however, it's anything but…