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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Political News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.