Finance & Tax
The plan touted by the U.S. Treasury secretary aims to diminish the Kremlin’s revenue while preserving the global oil supply.
The agreement marks a win for Janet Yellen, a key advocate of the proposal who has helped build global support for the idea. | Susan Walsh/AP Photo
By Kate Davidson
09/02/2022 11:03 AM EDT
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Finance ministers from the Group of Seven major economies announced an agreement Friday a plan to impose a cap on the price importers pay for Russian oil, in a bid to shrink a key source of revenue the Kremlin uses to finance its war in Ukraine.
“We seek to establish a broad coalition in order to maximize effectiveness and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap,” the group said in a statement.
The agreement, which still faces hurdles before it can be implemented, marks a win for U.S. Treasury Secretary Janet Yellen, a key advocate of the proposal who has helped build global support for the idea.