The G7 ponders capping oil prices to deny Russia revenues. How would it work?
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Article by:
Stanley Reed, New York Times
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Date Published:
June 27, 2022
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Who was cited:
James Davis, Director of Short-Term Global Oil - FGE
Leaders of the Group of 7 nations meeting in Germany, seeking a new way to throttle Russia’s finances while limiting the harm to Western economies, are discussing imposing a ceiling on the price paid for Russian oil. Details of the plan are still being discussed, but the idea is to limit how much Russia can earn from the oil it sells while still keeping markets well supplied.
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