G7 To "Urgently" Implement Price Cap On Russian Oil Imports

The G7 said it was working towards a "broad coalition" of support for the measure but officials in France urged caution, saying a "final" decision could only be taken once all 27 members of the European Union had given their assent.

G7 industrialised powers vowed Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid to cut a major source of funding for Moscow's war in Ukraine.

The G7 said it was working towards a "broad coalition" of support for the measure but officials in France urged caution, saying a "final" decision could only be taken once all 27 members of the European Union had given their assent.

Households on the continent have borne the brunt of rising energy prices, with governments under pressure to alleviate the pain of the resulting high inflation.

"Russia is benefitting economically from the uncertainty on energy markets caused by the war and is making big profits from the export of oil and we want to counter that decisively," German Finance Minister Christian Lindner said in a press conference after the move was announced.