The price cap that G7 countries want to impose on Russian oil to punish Moscow should be set at a fair market value minus any risk premium resulting from its invasion of Ukraine, a US Treasury Department official told reporters on Friday. The Group of Seven is trying to find ways to limit Russia’s lucrative oil export revenue in the wake of its invasion of Ukraine in February. Several different countries have banned imports of Russian crude and fuel, but Moscow has managed to maintain its revenues through increased crude sales to Asia, particularly China and India. The price cap’s level is unclear, and US and EU officials have not specified a numeric range. However, extrapolating from recen
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