The G7 would need to get large consumers like India and China involved for such a plan to work.

As military battles continue in the Ukraine war, the parallel skirmish over energy continues to escalate, with the West announcing plans for price caps to try and stem Russia’s soaring oil revenues directly financing its expansionist ambitions.

The Group of Seven (G7), a group of the world’s richest Western nations, said at a recent summit in Bavaria that it is exploring( the feasibility of capping Russian oil prices, thereby preventing Moscow from profiting from jumps in market prices due to the invasion of Ukraine.

(Source: Aljazeera, July 4 – 2022)