Leaders of the Group of Seven are on track to impose price ceilings on Russian oil imports, according to a report.
Leaders of the Group of Seven (G7) advanced Western economies are keeping “very constructive” talks about a potential cap on the price of Russian oil imports, Reuters reported ahead of their summit on Sunday, citing a German government official.
“We are on the right track to reach an agreement”, the official said.
US Treasury Secretary Janet Yellen has proposed a cap on Russian oil prices to mitigate global inflation and fuel price hikes in the West, as well as possibly reduce Moscow’s oil revenues.
The United States, Canada and Britain have already banned Russian oil, while the EU has imposed an embargo on Russian exports shipped by sea.
The G7, comprising the United States, Canada, Britain, France, Germany, Italy and Japan, will hold its three-day annual meeting at the Schloss Elmau hotel in southern Germany. The leaders plan to focus on a coordinated response to the conflict between Russia and Ukraine, including additional sanctions on Moscow and more aid to kyiv.