G-7 Nears Agreement to Ramp-Up Sanctions on Russia’s Oil Revenue

The G-7 nations are nearing an agreement to intensify sanctions on Russia's oil revenue in response to the ongoing war in Ukraine. The draft statement indicates that the group is considering measures to cap the price of Russian oil, which would limit Moscow's ability to generate funds for the conflict. The proposed sanctions aim to further restrict Russia's access to global markets and financial systems, thereby reducing its capacity to finance the war. The G-7 leaders are expected to discuss the details of the plan, including the potential impact on global energy supplies and prices. The agreement, if reached, would represent a significant escalation of the economic pressure on Russia, as the group seeks to compel the Kremlin to end its military operation in Ukraine. The outcome of the discussions will have far-reaching implications for the global economy and the ongoing geopolitical tensions surrounding the conflict.