Leaders of some of the world’s largest economies ended their summit Tuesday with an agreement to explore ways to impose a price cap on Russian oil, falling short of the Biden administration’s goal of concluding with a deal in place.
Instead, the heads of the Group of Seven nations reached a consensus to discuss options on limiting the price of Moscow’s oil exports, which Russia is using to finance its war in Ukraine.
Still, the White House hailed the consensus as a victory that will make it harder for Russia to wage war against Ukraine.
“By working together to limit the price of Russian oil, we will further strengthen the existing sanctions imposed by the G-7 and our partners to make sure that [Russian President Vladimir] Putin will not be able to profit from the higher global energy costs that have resulted from his invasion,” Treasury Secretary Janet Yellen said in a statement.