KHANTY-MANSIYSK, RUSSIA - JULY 11, 2022: A view of a screen at the Oil Production Control Center of the Gazpromneft-Khantos enterprise, part of Gazprom Neft. Gazpromneft-Khantos operates in Russia's Khanty-Mansi Autonomous Area-Yugra and Tyumen Region. Alexander Ryumin/TASS/Sipa USA
Russia: Gazpromneft-Khantos in Khanty-Mansiysk, Russia
WASHINGTON (AP) — Leaders of the Group of Seven industrial nations have tentatively agreed to back a cap on the price of Russian oil, the main pillar of the Kremlin’s financial revenue. Participants in the price cap plan would agree to purchase the oil at a lower than market price. The idea is to bring Russian President Vladimir Putin’s invasion of Ukraine to a halt while possibly lowering energy costs. Treasury Secretary Janet Yellen is touring Indo-Pacific countries to lobby for the price cap proposal. In Japan on Tuesday, U.S. and Japanese officials agreed to explore the feasibility of price caps.
