U.S., Allies Aim To Cap Russian Oil Prices

WASHINGTON (AP) – Leaders of the Group of Seven industrial nations have tentatively agreed to back a cap on the price of Russian oil, the main pillar of the Kremlin’s financial revenue. Participants in the price cap plan would agree to purchase the oil at a lower than market price. The idea is to bring Vladimir Putin’s invasion of Ukraine to a halt while possibly lowering energy costs. Treasury Secretary Janet Yellen is touring Indo-Pacific countries to lobby for the price cap proposal. In Japan on Tuesday, U.S. and Japanese officials agreed to explore the feasibility of price caps.