G-7 nears seeking price cap on Russian oil amid energy cost surge
The Group of Seven industrialized countries are in final talks on seeking a global price cap on Russian oil in its latest move to pressure Moscow over its war in Ukraine while planning to roll out more steps to support Kyiv, such as using revenues from tariffs imposed on Russian products, a U.S. official said Monday.
As the war drives up energy and food prices worldwide, the G-7 leaders, meeting in Germany, are grappling with tackling a food crisis that could hit developing nations hard, with Japanese Prime Minister Fumio Kishida pledging $200 million in financial aid.
