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G7 Nations Push to Tighten Russian Oil Price Cap Despite US Uncertainty
- G7 leaders will convene in Kananaskis County, Alberta, from June 15-17 to discuss reducing the cap on the price of Russian oil and address other global concerns.
- The meeting follows earlier attempts and a December 2022 introduction of a $60 price cap to limit Kremlin revenue amid Russia's war in Ukraine.
- The European Union, Britain, Canada, and other European G7 countries strongly support reducing the cap to $45 a barrel despite unclear U.S. and Japan positions.
- Senator Lindsey Graham backs tougher sanctions with steep tariffs on Russian oil buyers while U.S. Treasury Secretary Scott Bessent remains skeptical about lowering the cap.
- The summit could increase economic pressure on Russia if the U.S. supports the move, with Zelensky expected to press for stronger sanctions amid stalled peace talks.
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Most G7 members ready to lower Russian oil price cap without US
Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.
·United Kingdom
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G7 Nations Push to Tighten Russian Oil Price Cap Despite US Uncertainty
Several G7 countries are pushing to reduce the price cap on Russian oil from $60 to $45, with or without U.S. support. The current cap, initially agreed upon in 2022, aims to limit Russia's ability to fund its conflict in Ukraine. Discussions are set for the upcoming G7 meeting.
·India
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Coverage Details
Total News Sources67
Leaning Left8Leaning Right9Center10Last UpdatedBias Distribution37% Center
Bias Distribution
- 37% of the sources are Center
37% Center
L 30%
C 37%
R 33%
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