G7 Weighing Tightening Russian Oil Price Cap ...Middle East

The Group of Seven is considering collectively tightening an oil price cap on Russian petroleum in an effort to cut Moscow’s oil revenues as the war in Ukraine rages on, Bloomberg has revealed. A draft statement seen by Bloomberg shows that these nations could task their finance ministers to collectively redraw the price limit--currently set at $60 a barrel for Russian crude. Last December, the Biden administration tightened sanctions on Russian oil. Middlemen who supply Russian oil have stopped offering cargoes after the latest U.S. sanctions…

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