G7 Targets Oil Price Cap

The G7 is working on a new package of sanctions against Russia due to be announced on Tuesday which have a strong element focussed on a potential price cap on Russian oil.

• "The dual objectives of G7 leaders have been to take direct aim at Putin's revenues, particularly through energy, but also to minimize the spillovers and the impact on the G7 economies and the rest of the world," a US official has said on the matter.
• It is unclear whether they will be able to get a price cap agreement over the line and what shape and form the measures will take. Bloomberg’s Javier Blas tweeted a short while ago “From what I hear from officials on the ground, the G7 is **not** going to agree on an oil price cap at this meeting, but it will agree **this a direction it wants to push forward**, and will seek further talks to non-G7 nations to see if it can be put into practice”.