G7: agreement on oil price cap in sight

Yesterday’s deliberations of the G7 leaders at Schloss Elmau also included aid to Ukraine and responses to Russia’s war of aggression. The intention is to further isolate the Russian economy worldwide, according to the statement published on Monday. The G7 countries want to reduce sanctions against Russia and the country’s income from commodity sales, for example. They were close to an agreement to get behind a price cap on Russian oil, a US official said on Monday.