WASHINGTON - Finance ministers from the Group of Seven club of wealthy nations will discuss the Biden administration's proposed price cap on Russian oil when they meet on Friday, the White House said.
"It will be discussed further this week at the G-7 finance ministers meeting... happening on Friday."and have considered other alternatives, including blocking the transportation of Russian oil.Many countries have imposed sanctions on Russia followingwhich Moscow calls a"special military operation," but key oil consumers China and India have stepped up imports of discounted Russian barrels to record levels.
Western leaders have proposed addressing that through an oil price cap to limit how much refiners and traders can pay for Russian crude - a move Moscow says it will not abide by and can thwart by shipping oil to states not obeying the price ceiling.
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