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G7 Agreement for an Oil Battle with Russia

IranGate
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G7 Agreement for an Oil Battle with Russia

G7 Group Agrees on Oil Battle with Russia

The finance and economy ministers of the G7 have agreed to set a price cap on the global trade of Russian oil. Based on this, a price in dollars will be set for Russian oil and two related oil products, ensuring they are not traded at a higher price in the market. The G7 ministers also announced their new plan to tackle the inflationary aspects of rising energy prices. Meanwhile, Russia has completely shut down the Nord Stream 1 pipelines and apparently does not intend to reopen them easily.

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