BERLIN: G7 industrialised powers vowed on Friday to move urgently towards implementing a price cap on Russian oil imports in a bid to cut off a major source of funding for Moscow’s war in Ukraine.

The G7 said it was working towards a “broad coalition” of support for the measure but officials in France urged caution, saying a final decision could only be taken once all 27 members of the European Union had given their assent.

Households on the continent have borne the brunt of rising energy prices, with governments under pressure to alleviate the pain of the resulting high inflation.

“Russia is benefitting economically from the uncertainty on energy markets caused by the war and is making big profits from the export of oil and we want to counter that decisively,” German Finance Minister Christian Lindner said in a press conference. The price cap may “stop an important source of financing for the war and contain the rise in global energy prices, he added.

Published in Dawn, September 3rd, 2022

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Delayed polls
Updated 24 Mar, 2023

Delayed polls

It is nothing less than a tragic betrayal of the people by the ECP.
Targeted killings
24 Mar, 2023

Targeted killings

DISTURBING echoes of a violent past have re-emerged in Karachi, and experience tells us that swift action is...
TB prevention
24 Mar, 2023

TB prevention

IF Pakistan is to achieve the target of effectively ending the tuberculosis epidemic in the country by 2035, as...
Lurking militancy
Updated 23 Mar, 2023

Lurking militancy

Politicking on the issue of terrorism will only bring more harm to the country.
Disaster response
Updated 23 Mar, 2023

Disaster response

THE earthquake which struck Afghanistan and the northern parts of Pakistan late Tuesday, has come as a stark warning...
No interest
Updated 23 Mar, 2023

No interest

HOW high must promised returns be to encourage foreign investors to divert their dollars to Pakistan? Apparently,...