The European Commission (EC) is reported to be planning a “floating” price cap on Russian oil shipments. The measure will be ...

The European Commission is set to propose a new floating oil price cap targeting Russian crude, adjusting to global market ...

The G7 price cap on Russian oil and oil products is about to get more complicated as the group of industrialized nations looks to add products such as diesel, kerosene and fuel oil in order to ...

A number of oil-importing countries are considering joining the G7's plan to cap the price of Russian oil, Deputy U.S. Treasury Secretary Wally Adeyemo said on Thursday, adding that the group ...

As the G7 formed the plan, India and China have snapped up heavily discounted Russian oil, and are expected to continue big purchases outside the price cap, moves endorsed by Treasury Secretary ...

Established in the 1970s to show solidarity in shepherding the global economy, the G7 finds itself at a crossroads on its 50th anniversary. The gathering of the world's richest democracies has faced ...

T he Group of Seven most industrialized countries said they plan to implement a price cap for global purchases of Russian oil —a measure the U.S. hopes will ease energy market pressures and ...

The G7 wants to enlist other countries, including India and China, which have been snapping up heavily-discounted oil from Russia since its Feb. 24 invasion of Ukraine.

The G7 – which includes the UK – entered into a coalition with the European Union and Australia to set caps on the price of seaborne Russian oil products in February.

G7 country leaders are due to meet on June 15-17 in Canada where they will discuss the price cap first agreed in late 2022. The cap was designed to allow Russian oil to be sold to third countries ...

About a month ago, the group of Seven (G7) coalition imposed a price cap on Russian oil with the objective of reducing Russia’s oil revenue which goes to fund its war machine. G7--which consists ...

The plan agreed by the G7 calls for participating countries to deny Western-dominated services including insurance, finance, brokering and navigation to oil cargoes priced above the cap.