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G-7 Bid to Cap Russian Oil Price Faces Hurdle of Global Enforcement

June 28, 2022

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The Group of Seven major economies wants to impose a price cap on Russian oil exports. The challenge is enforcing it on buyers worldwide.

The G-7 leaders said Tuesday after their summit they were exploring a ban on the provision of maritime services to tankers carrying Russian oil, unless the oil were sold below a particular price. Backers say the proposal would achieve two goals: cutting Russian oil sales that are fattening Moscow’s foreign-exchange coffers and lowering global oil prices that have surged since the war in Ukraine.

Read More on The Wall Street Journal