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6/28, 9:58 AM (Source: TeleTrader)
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G7 agrees to impose price cap for Russian oil - report

The Group of Seven (G7) reached a deal on Tuesday to search for ways to introduce a price cap on the Russian oil, Politico reported citing officials familiar with the decision.

The agreement is aimed at lowering the price of the crude, which would in turn diminish Moscow's revenue, as the West's decision to put an oil embargo on Russia has so far been counterproductive, with prices rising and supply tightening.

Although France was in favor of introducing a global price cap, the sources shared that the deal was, nevertheless, reached, with the former backing down. However, the agreement, in the current stage, is only broad, and further details are yet to be worked out.

Baha Breaking News (BBN) / AY