G7 may impose price cap on Russian oil by December

G7 countries may impose price caps on Russian oil by December 5, a high-ranking official in the G7 told Reuters.

Report informs that the purpose of the restriction is to comply with the time frame that the European Union has already established.

The G7 countries also want to limit the price of oil from Russia so that they exceed the cost of production but simultaneously be below current market prices. According to the agency, the G7 believes that if the price exceeds the cost of production, then Russia will have "an incentive to continue it."