G-7 nations say they will cap the price of Russian oil

[Yo_Mama_Been_Loggin]

The leaders of the Group of Seven industrialized nations announced Friday that they will impose a price cap on Russian oil, aiming to undercut the Kremlin’s finances while keeping energy flowing to the West.

The price cap plan, a top priority of U.S. Treasury Secretary Janet L. Yellen, aims to slash the huge energy profit Russia is using to finance its war in Ukraine without creating price shocks that could cripple the global economy.

The G-7 had previously agreed only to explore the price-cap proposal, but its declaration Friday was its most significant statement to date that the nations would seek to enact an aggressive new policy, which would be an unprecedented, internationally coordinated action on energy prices.

Top Russian leaders have repeatedly warned that they will retaliate against the price cap. Europe remains highly dependent on Russian energy, and an escalation in hostilities could exacerbate the economic crisis already facing the Western allies.

https://www.washingtonpost.com/us-policy/2022/09/02/g-7-nations-will-set-price-cap-russian-oil/

[Haggard Celine]

1. I wasn't able to read the entire article

but what would Europe do if Putin cut off the fuel completely? I think he's powerful enough in Russia that he could do that. If he loses enough money because of the price cap and he's not able to finance his war anymore, he might do something drastic like that.

[jimfields33]

2. By now European countries have switched to mostly other energy sources.

They will be totally fine. Europe takes climate change very seriously. America is finally catching up some.