G7 finance ministers will present a plan to set a price cap on Russian oil on Friday, August 2. It was reported by the Wall Street Journal, citing sources.
“G7 finance ministers are expected to issue an endorsement of the price cap plan during a virtual meeting on Friday and commit to completing its implementation,” the publication writes.
The paper notes that a demonstration of the price cap plan is expected by the end of the week. Western finance officials expect to have an effective policy in place by December. At the moment, the paper says, they are trying to resolve a number of complex issues about how the price cap mechanism will work.
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