G7 Agrees To Cap , the Price of Russian Oil , Despite Warnings by Moscow.<br />On September 2, finance ministers <br />from the G7 group of nations agreed <br />to impose a price cap on Russian oil. .<br />CNN reports that the move comes as an attempt <br />to limit Moscow's ability to fund its invasion <br />of Ukraine and drive global inflation.<br />CNN reports that the move comes as an attempt <br />to limit Moscow's ability to fund its invasion <br />of Ukraine and drive global inflation.<br />The G7 consists of the West's largest economies <br />and is made up of the United States, Japan, Canada, <br />Germany, France, Italy and the United Kingdom.<br />Finance ministers from the G7 agreed to ban the provision of , "services which enable maritime transportation of Russian-origin crude oil , and petroleum products globally" above the price cap. .<br />CNN reports the move could also <br />include a ban on insurance cover <br />or finance for oil shipments. .<br />In a joint statement, the finance ministers <br />said the maximum price would be set by <br />"a broad coalition" of countries.<br />In a joint statement, the finance ministers <br />said the maximum price would be set by <br />"a broad coalition" of countries.<br />CNN reports that the price cap is scheduled to take effect alongside the European Union's next round of sanctions aimed at a ban on seaborne imports of Russian oil.<br />CNN reports that the price cap is scheduled to take effect alongside the European Union's next round of sanctions aimed at a ban on seaborne imports of Russian oil.<br />Previously, Russia has threatened <br />to ban all oil exports to any country <br />that implements a price cap.<br />We will simply not supply oil <br />and petroleum products to such <br />companies or states that impose <br />restrictions, as we will not <br />work non-competitively, Alexander Novak, Deputy Prime Minister, <br />via state news agency TASS
