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AAP
AAP
Politics
Dominic Giannini and Poppy Johnston

Australia backs G7 Russian oil price cap

Treasurer Jim Chalmers says Australia supports a G7 plan to cap the price on Russian oil imports. (Lukas Coch/AAP PHOTOS) (AAP)

There will be no downsides to a price cap issued on Russian oil imports but the move could restrict its ability to fund its invasion of Ukraine, the treasurer says.

Jim Chalmers said the price cap would help ease global oil prices, and urged other countries to join the push by the G7 nations.

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