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The Guardian - UK

Business

Jillian Ambrose Energy correspondent

UK and G7 allies look at lowering ‘meaningless’ cap on Russian oil exports

G7 Oil Russia United Kingdom United States Donald Trump Kremlin

An oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia — An oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia. Photograph: Alexander Manzyuk/Reuters

The UK and its G7 allies are considering tightening the “meaningless” cap on Russian oil export prices after Donald Trump’s trade war caused global oil markets to crash.

UK Treasury officials are understood to be looking at plans to lower the $60 (£46) a barrel cap Russianexports after the oil market plunged this week to $59.77 a barrel for the first time in more than four years.

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