G7 finance ministers plan to implement a price cap on Russian crude oil and petroleum products. (EPA PHOTO)
The Group of Seven (G7) finance ministers plan to implement a price cap on Russian-origin crude oil and petroleum products, they have confirmed in a joint statement.
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The initial price cap will be based on range of technical inputs and the price level will be revisited as necessary, said the ministers on Friday.
"We aim to align implementation with the timeline of related measures within the EU's sixth sanctions package," they added.
Australian Associated Press
