The G7 leaders appeared to avoid capping the price of Russian oil, which would have deprived Russia of its main source of money and prevented it from using it to fund its conflict in Ukraine.
The EU, particularly Germany, has concerns about the scheme’s wisdom and how it could coexist with a yet-to-be-agreed EU plan to impose a gas price cap, which is reflected in the G7’s court reference. Moreover, there have been worries that Russia will forbid any nation from exporting energy to any nation that enacts the price cap, driving up oil costs and increasing the pressure on Europe to lessen its support for Ukraine’s war objectives…Read More
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