The Clap The Group of Seven (G7) economic powers are exploring imposing a price cap on Russian oil.
G7 Members The G7 member includes Canada, France, Germany, Italy, Japan, the United Kingdom, the United States & the European Union.
The Deets In the annual G7 summit, which ended yesterday, members discussed everything from soaring inflation around the world to rising commodity prices due to the Russian war in Ukraine. In an effort to halt Russia’s military operations in Ukraine the G7 is considering banning the transportation of Russian oil which has been sold above a certain price point.
Why this matters Despite previous sanctions on Russian oil, which led to lower export volumes, Russia’s oil profits actually increased in May 2022. The G7 has invited “like-minded” countries to join in their efforts.