G7 To Implement Price Cap On Russian Oil Imports

The G7 industrial powers have decided to take "immediate" steps to implement a price cap on Russian oil imports. Industrial powers have decided to cut off a major source of funding for Moscow's war in Ukraine.

The G7 said it was working towards a "broader coalition" to materialize the decision. But officials in France urged a halt, saying a "final" decision can only be taken if all 27 EU members have given their consent.

Families across the continent have borne the brunt of rising energy prices due to the war, resulting in pressure on the government to reduce rising inflation.

German Finance Minister Christian Lindner said in a PC after the announcement of the move, "Russia is benefiting economically from the uncertainty on energy markets due to the war and is making huge profits from oil exports. As such, we will decide this."

He said the price cap on oil imports was intended to "stop an important source of financing for the war of aggression and to stem the rise in global energy prices. A clear warning was given by Kremlin spokesman Dmitry Peskov ahead of Friday's decision. He added that the adoption of the price cap would lead to "significant volatility in the oil markets."

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