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| The Minerva Symphony tanker is seen at the Black Sea |
Finance ministers from the Group of Seven industrial powers on Friday pledged to put in place a system to cap Russia's income from oil sales. The aim is to reduce Russia’s revenues and, by doing so, its ability to fund its war in Ukraine, while also limiting the impact of the war on global energy prices, whose rise has fueled inflation around the world. The G-7 statement, however, did not give any figure for a potential price cap and did not specify when the G-7 aims to finalize the plan. "We invite all countries to provide input on the price cap's design," it said.
The Wall Street Journal notes that the G-7 plan aims to resolve a "dilemma" since the start of the Ukraine war: how to punish Russia without wreaking havoc on world markets.
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