G7 countries will decide on developing mechanisms to set a global price cap for Russian oil in shipments to countries outside of the U.S., EU, the UK, and the broader G7.
"The goal here is to starve Russia — starve Putin of his main source of cash and force down the price of Russian oil to help blunt the impact of Putin's war at the pump", a Senior Biden Administration official said in a background press call ahead of the Second Day of the G7 Summit in Germany.
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Business News
April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.