G7 finance ministers agree on price cap on Russian oil

G7 finance ministers agree on price cap on Russian oil

• By Staff Writer

G7 finance ministers on Friday said they have agreed to implement a price cap on Russian oil to impede Moscow from attaining its objectives in its invasion of Ukraine. The G7 ministers attended a summit in Elmau, Germany. US Treasury Secretary Janet Yellen said the price cap will deliver a blow to Russian finances and hinder its operations in Ukraine.