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The US and its allies are getting close to a price cap on Russian oil – which could slash Moscow’s revenues yet send crude soaring

September 1, 2022


The US and its G7 allies plan to meet Friday to discuss putting a limit on the price of Russian oil, a move that could cut the revenue flowing into Moscow’s coffers — but risks sending crude prices soaring.

The countries’ finance ministers are expected to endorse the US-led price-cap plan and sign off on the details at a virtual meeting, Wall Street Journal reported Thursday, citing people familiar with the matter.

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