US EditionG7 Nations Push to Tighten Russian Oil Price Cap Despite US Uncertainty
- The G7 summit will take place from June 15 to 17 in Kananaskis County, Alberta, Canada, focusing on support for Ukraine and global issues.
- The summit follows stalled peace talks between Russia and Ukraine and ongoing war, prompting efforts to tighten sanctions on Russian oil exports.
- European countries such as the UK and Canada are advocating to reduce the maximum allowable price for Russian oil exports from $60 to $45 per barrel to further restrict Moscow’s funding for its military actions, despite uncertain backing from the United States.
- Ukrainian President Zelensky plans to urge US President Trump for tougher sanctions, while US Treasury Secretary Bessent and Trump have expressed skepticism or frustration about the sanctions' impact.
- The effort to reduce Russia's oil revenue may continue with or without US backing, signaling potential unilateral European action to maintain pressure on Moscow's finances.
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Most G7 members ready to lower Russian oil price cap without US
Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.
·United Kingdom
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G7 Nations Push to Tighten Russian Oil Price Cap Despite US Uncertainty
Several G7 countries are pushing to reduce the price cap on Russian oil from $60 to $45, with or without U.S. support. The current cap, initially agreed upon in 2022, aims to limit Russia's ability to fund its conflict in Ukraine. Discussions are set for the upcoming G7 meeting.
·India
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Total News Sources73
Leaning Left9Leaning Right9Center10Last UpdatedBias Distribution36% Center
Bias Distribution
- 36% of the sources are Center
36% Center
L 32%
C 36%
R 32%
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