G7 countries set to back price cap on Russian oil.

Group of Seven finance ministers are expected to firm up plans on Friday to impose a price cap on Russian oil aimed at slashing revenues for Moscow’s war in Ukraine but keeping crude flowing to avoid price spikes, G7 officials said.

The ministers from the club of wealthy industrial democracies are due to meet virtually and are seen as likely to issue a communique that lays out their implementation plans.

“A deal is likely,” a European G7 official said, adding that it was unclear how much detail would be revealed, such as the per-barrel level of the price cap, above which complying countries would refuse insurance and finance to Russian crude and oil product cargoes.

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