Finance ministers from the G7 agreed on Friday on a price cap for Russian oil "designed to reduce Russian revenues" and Moscow's impact on the global energy prices. They called on all countries to take part in finalizing and implementing the measure while also promising to "develop targeted mitigation mechanisms" to ensure vulnerable countries maintain access to energy markets, including Russia.
The ministers stated they will aim to implement the price cap "with the timeline of related measures within the EU's sixth sanctions package," which should see the EU restrict Russian oil imports in December.
