The Group of 7 (G7), which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, have agreed in a communique to explore imposing a cap on Russian oil price, i.e., a ban on transporting Russian oil that was sold above a certain price. This cap would tie financial services, insurance, and the shipping of oil cargoes to a price ceiling.
The 7 countries are considering a range of approaches, including options for a possible comprehensive prohibition of all services, which enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners. They also called other countries to consider joining the proposed price cap. Canada, France, Germany, Italy, Japan, the United Kingdom and the United States accounted for 29% of the world's total oil consumption in 2020 (1,159 Mt).
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