G7 countries to discuss lowering oil price cap to hit Russian economy - Bloomberg
The Group of Seven (G7) countries plan to change the oil price cap to reduce Moscow's revenues.
Bloomberg writes about it, Censor.NET reports.
The publication reports that the draft statement shows that the G7 countries may instruct their finance ministers to collectively review the crude oil price cap, which is currently set at $60 per barrel and was introduced to limit the Kremlin's access to petrodollars.
This step will be part of efforts to increase the cost of the war in Ukraine for Russia in order to "encourage it to negotiate a real peace."
At the same time, it is unclear at this stage whether all G7 countries support the document in its current form. The agency suggests that the document may be revised as diplomats continue to negotiate its text. The so-called zero option also mentions "troops and resources on the ground, combined with credible international oversight to monitor compliance with agreed lines."
The document is scheduled to be released on February 24, the third anniversary of Russia's invasion of Ukraine.
