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Reuters
Reuters
Business

Western governments struggle to agree on Russian oil price cap

Model of petrol pump is seen in front of Ukraine and Russian flag colors in this illustration taken March 25, 2022. REUTERS/Dado Ruvic/Illustration

Western governments want to set a maximum purchase price for Russian oil on the world market to limit Moscow’s ability to raise money for its war on Ukraine.

The plan is meant to punish Russia while at the same time keeping its vast petroleum exports flowing to energy-starved global markets to tamp down inflation.

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