G7 finance chiefs seen advancing Russian oil price cap plan - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022.A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022.

British Finance Minister Nadhim Zahawi said on Thursday in Washington that he was hopeful that G7 finance ministers will “have a statement that will mean that we can move forward at pace to deliver this.” Western leaders agreed in June to explore a cap to limit how much refiners and traders can pay for Russian crude – a move Moscow says it will not abide by and can thwart by shipping oil to states not obeying the price ceiling.

The cap would rely heavily on denying London-brokered shipping insurance, which covers about 95% of the world’s tanker fleet, and finance to cargoes priced above the cap. But analysts say that alternatives can be found to circumvent the cap and market forces could render it ineffective

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G7 finance chiefs to discuss a Russian oil price cap on Friday - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Finance ministers from the Group of Seven club of wealthy nations will discuss the US Biden administration’s proposed price cap on Russian oil when they meet on Friday, the White House said. They can also discuss not getting any Russian oil, lots of willing buyers Fox news got that covered jus update us on Phalaphala saga
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