G7 countries back plan to cap price of Russian oil over Ukraine invasion

📆 9/3/2022 4:57 AM
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It's aimed at limiting the invasion's effect on energy prices and preventing Russian profits from oil exports.

, is aimed at limiting the invasion's effect on global energy prices while preventing the Kremlin from further profiting from its oil exports while damaging its ability to fund its war against Ukraine.

They said the price cap would work by prohibiting the maritime transportation of Russian crude oil and petroleum products unless those products were "purchased at or below a price determined by the broad coalition of countries adhering to and implementing the price cap."that the agreement is "a critical step forward in achieving our dual goals of putting downward pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine.

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