Group of Seven nations are discussing a cap on the price of Russian oil that would work by imposing restrictions on insurance and shipping, according to people familiar with the matter.
The potential mechanism would only allow the transportation of Russian crude and petroleum products sold below an agreed threshold, the people said. Discussions among G-7 leaders and officials are ongoing, and an agreement has yet to be reached, they said.
President Vladimir Putin’s invasion of Ukraine and its economic fallout are the key topics under discussion at a three-day summit under way in the Bavarian Alps. G-7 states are seeking ways to limit the Kremlin’s energy revenue while mitigating the impact on their own economies amid surging inflation and efforts to curb a reliance on Russian oil and gas.
