G7 agrees to Russian oil price cap

G7 agrees to Russian oil price cap

The Group of Seven (G7) finance ministers plan to implement a price cap on Russian-origin crude oil and petroleum products, they confirmed in a joint statement on Friday.

The initial price cap will be based on range of technical inputs and the price level will be revisited as necessary, said the ministers.

"We aim to align implementation with the timeline of related measures within the EU´s sixth sanctions package," they added.

The ministers said they planned to implement the cap in line with EU sanctions on Russian oil set to kick in on December 5, on Russian gas  - on February 5.