G-7 to Tell Ministers to Explore Price Cap on Russian Gas
US President Joe Biden, center left, and Alberto Fernandez, Argentina's president, at the 'family' photo on day two of the Group of Seven (G-7) leaders summit at the Schloss Elmau luxury hotel in Elmau, Germany, on Monday, June 27, 2022. G-7 nations are set to announce an effort to pursue a price cap on Russian oil, US officials said, though there is not yet a hard agreement on curbing what is a key source of revenue for Vladimir Putin for his war in Ukraine.
, Bloomberg
Chiara Albanese and Michael Nienaber, Bloomberg News
(Bloomberg) -- Group of Seven leaders are set to instruct ministers to explore implementing a price cap on Russian gas, according to people familiar with the discussions.
The mandate is expected to be announced as the three-day summit ends Tuesday. It comes as part of broader discussions on how to limit the profit Russia makes on its energy exports. The leaders are also expected to mention a mechanism to cap prices on Russian oil in the final communique.
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