The US has said it is "determined" to enforce a price cap on Russian oil announced by the G7 countries, terming it a “powerful tool” that will significantly reduce Moscow's main source of funding for its “illegal war” in Ukraine and help fight global inflation.
Members of the G7 grouping vowed on Friday to "urgently" move towards implementing a price cap on Russian oil imports in a bid to shrink a key source of revenue the country uses to finance its war in Ukraine.
“We seek to establish a broad coalition in order to maximise effectiveness and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap,” the group said in a statement.
The G7 (Group of Seven) consists of the UK, US, Canada, France, Germany, Italy and Japan. The group is an organisation of the world's seven largest "advanced" economies, which dominate global trade and the international financial system.
"A price cap on Russian oil is a powerful tool - one part of the tool in our agenda to put downward pressure on global energy prices in a way that will benefit consumers in the US and globally," White House Press Secretary Karen Jean-Pierre told reporters during her daily news conference here on Friday.
"And we are determined to implement this policy in a way that achieves those goals," she said.
