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Proposed price cap on Russian oil moves closer at G7 summit

Western leaders hope to tighten vice around Vladimir Putin without causing backlash at home or in global south

A proposed cap on the price of Russian oil and pipeline gas to slash the Kremlin’s revenues and reduce inflationary pressures in the west gathered support on Sunday as G7 leaders met in Bavaria.

The three-day event will be dominated by discussion of how to tighten the economic and military vice around Vladimir Putin without leading to disastrous spillovers, including a backlash among western consumers and starvation in a rain and grain starved global south.

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from The Guardian https://ift.tt/BKQhV7A
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