G-7 pledges to move forward with Russia oil price cap system

By GEIR MOULSON and DAVID McHUGH
Associated Press

BERLIN (AP) — Finance ministers from the Group of Seven industrial powers have pledged to put in place a system designed to cap Russia’s income from oil sales, an idea the nations’ leaders had promised to explore in June. The aim is to reduce Russia’s revenues and, by doing so, its ability to fund its war in Ukraine, while also limiting the impact of the war on global energy prices. In a statement Friday, the ministers said they “confirm our joint political intention to finalize and implement a comprehensive prohibition of services which enable maritime transportation of Russian-origin crude oil and petroleum products globally.” Providing those services would only be allowed if oil is purchased at or below a fixed price.