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G-7 Nears Agreement on Exploring New Sanction Capping Russian Oil Price

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The Group of Seven club of wealthy democracies is inching toward an agreement on expanding its sanctions against Russia by looking for a mechanism to cap the purchase price of Russian oil, officials said, but the details are still being worked out.

The move, under discussion at the three-day G-7 summit in the Bavarian Alps that began Sunday, would come on top of a ban on the purchase of Russian gold, officials said. They said oil is the most lucrative export for the Kremlin, while gold makes up a significant part of the state revenues that fund Russian President Vladimir Putin’s war.

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