G7 leaders at the G7 summit held in Germany have agreed to seek possible ways to put a price cap on Russian oil, with the aim of raising the pressure on Russia amid the ongoing war in Ukraine and to curb energy prices.
Options include lifting sanctions on insurance for cargo ships that transport Russian oil, possibly creating the incentive for a price cap.
Another option is the using cartel power of G7 countries to put pressure on prices. Putting a price cap on global oil prices was also an option offered by France, but the US and Germany were not disposed towards this suggestion.
In the coming period, a price cap for Russian natural gas may be considered, SteelOrbis understands. Putting a price cap on gas is considered to be easier as it is supplied via pipelines.