Commentary
In the Washington Post, Julian Lee reports that the United States, the United Kingdom, and Canada “have announced bans on Russian oil, while the European Union plans to ban seaborne imports of Russian crude by December and refined fuels by early 2023.”
Lee also notes that “the Group of Seven most industrialized countries agreed … to implement a price cap for global purchases of Russian oil.” The price cap might make it difficult for Russia to finance its war in Ukraine.
“The price cap is specifically designed to reduce Russian revenues and Russia’s ability to fund its war of aggression whilst limiting the impact of Russia’s war on global energy prices, particularly for low and middle-income countries,” the G7 finance ministers said….