G-7 set to back plan to cap Russian oil price to ease market pressure

Once the G-7 support is official, diplomats will have to convince European Union member nations to amend its sixth round of sanctions on Russia over the invasion of Ukraine

The Group of Seven most industrialized countries are poised to agree to introduce a price cap for global purchases of Russian oil -- a measure the US hopes will ease energy market pressures and slash Moscow’s overall revenues.
 

G-7 finance ministers are meeting Friday, where they are expected to formally back the plan, according to two people familiar with the matter. The G-7 plan, which is part of broader efforts to punish Russia for its military invasion of Ukraine, would allow buyers of Russian oil under a capped price to continue getting crucial services like financing and insurance for tankers.