G7 not big enough to dictate Russian oil price

The measure requires broader participation by other countries, the financial institution says The proposed plan by the Group of Seven (G7) to impose a maximum price restriction on the purchases of Russian oil could work only if major emerging markets and developing countries join the scheme, the World Bank has said. In its oil market outlook, issued on Wednesday, the bank highlighted the associated risks. It wrote that the upside risks are dominated by supply issues, including the extent to which Russia’s exports are impacted by new trade measures. “The proposed G7 oil price cap could affect the flow of oil from R

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