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G-7 Eyes Cap on Price of Russian Oil via Insurance, Shipping Restrictions

June 27, 2022

Group of Seven nations are discussing a cap on the price of Russian oil that would work by imposing restrictions on insurance and shipping, according to people familiar with the matter.

The potential mechanism would only allow the transportation of Russian crude and petroleum products sold below an agreed threshold, the people said. Discussions among G-7 leaders and officials are ongoing, and an agreement has yet to be reached, they said.

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