G7 Nations Push to Tighten Russian Oil Price Cap Despite US Uncertainty

Amidst the uncertainty of U.S. support, most G7 countries are eager to lower the current price cap on Russian oil, originally set at $60, to increase pressure on Moscow's finances. Leaders from the EU, Britain, and Canada are prepared to act independently if necessary, as revealed by insiders.

The decision comes in response to declining global oil prices, which have rendered the previous cap less effective in curbing Russia's financial capabilities amid its military activities in Ukraine. European nations, backed by Canada and potentially Japan, are at the forefront of this initiative.

At a recent G7 finance ministers' meeting, the discussion of collaboration highlighted the divisiveness within the group, with U.S. Treasury Secretary Scott Bessent expressing skepticism. Yet, key American figures, including Senators like Lindsay Graham, have shown growing support for a more stringent cap.

(With inputs from agencies.)