G7 to discuss Russian oil price cap as Ukraine fight grinds on
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UN inspectors visit Ukrainian city of Zaporizhzhia to prevent a nuclear accident at a Russian-occupied power plant where recent shelling has prompted fears of disaster, as fighting rages on day 190 of conflict.
Key oil consumers China and US partner India have stepped up imports of discounted Russian barrels to record levels.
(Reuters Archive)
Thursday, September 1, 2022G7 finance chiefs to discuss Russian oil price cap on Friday
Finance ministers from the Group of Seven club of wealthy nations will discuss the US Biden administration's proposed price cap on Russian oil when they meet on Friday, the White House has said.
"This is the most effective way, we believe, to hit hard at Putin's revenue and doing so will result in not only a drop in Putin's oil revenue, but also global energy prices as well," said White House spokesperson Karine Jean-Pierre.
Despite Russia's oil exports hitting their lowest levels since last August, its export revenue in June increased by $700 million month on month due to higher prices, 40 percent above last year's average, the International Energy Agency said last month.
Key oil consumers China and America's partner India have stepped up imports of discounted Russian barrels to record levels.
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Source: TRTWorld and agencies
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