G7 leaders on June 28 tentatively backed plans for an international cap on Russian oil prices in response to the Ukraine war while pledging to boost energy security and try to rein in price rises, alongside meeting climate goals. Wrapping up talks in Germany, the leaders of the Group of Seven leading economies gave mixed signals on a proposed price cap, the latest focus of efforts to ramp up pressure on Russia over its invasion of Ukraine while trying to limit the economic fallout. In a statement, the G7 said it welcomed EU efforts to “explore with international partners ways to curb rising energy prices, including the feasibility of introducing temporary import price caps where appropriate.” Speaking to the press, the meeting’s host, German Chancellor Olaf Scholz, referred to a “possible” price cap on Russian oil, going on to say: “This is a very ambitious forward-thinking idea. We have […]

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