Brussels: On July 27, the Group of Seven richest economies aims to have a price-capping mechanism on Russian oil exports in place by Dec. 5. “The goal here is to align with the timing that the EU has already put in place. We want to make sure that the price cap mechanism goes into effect at the same time,”, a senior G7 official said on Wednesday. “We’ve already heard from many Asian countries interested in either joining the coalition or better understanding the price point to strengthen their hand in their negotiations with the Russians over future contracts,” he added.
