G7 countries exploring possibility of capping Russian oil prices

The G7 countries are discussing the possibility of setting a price cap for oil from Russia. Such discussions are being conducted with the aim of cutting Moscow’s profits and financing the war against Ukraine, US Presidential National Security Adviser Jake Sullivan said, Report informs referring to the White House website.

He noted that negotiations on energy issues are going on through many channels.

“Those are taking place in multiple channels, but one of the channels is in the G7 Sherpa channel. And so we’ll see what kind of progress we make generally on the question of energy at multiple different options for reducing revenue to Russia that could be available to us as the G7 over the course of the next three weeks,” Sullivan said.

US Treasury Secretary Janet Yellen has recently stressed that the US is not opposed to Russian oil supplies to the world market, subject to limiting Moscow’s income from its sale.