The G7 countries meeting in Germany this week are preparing to announce a price cap on Russian oil exports, to prevent Moscow benefiting from an increase in energy prices as a result of sanctions.
The move is a fine-tuning of a European Union and UK sanctions package to phase out Russian oil imports, announced in early June.
An additional ban on marine insurers covering ships carrying Russian oil exports was included in the measures to prevent Russia sending Europe’s oil to other countries.
