G-7 plans to cap Russian oil price

BERLIN — Finance ministers from the Group of Seven industrial powers on Friday pledged to impose a cap on the price of Russian oil in a bid to limit the Kremlin’s revenues and ability to fund its war in Ukraine, while also curtailing the war’s impact on energy prices and inflation.

The ministers said they would impose the cap by barring insurance or shipping companies from helping Russia sell oil at prices above the set limit.

The decision aims to solve one of the vexing problems regarding sanctions against Russia: Global oil prices have risen on fears of restricted supply.

The G-7 is made up of the United States, Germany, France, Britain, Italy, Canada and Japan.