The finance ministers of the Group of Seven nations are likely to reach an agreement on Friday on capping the price they’re willing to pay for Russian oil, Reuters news agency has reported, citing anonymous sources. The officials are expected to reveal the general outline of a plan following an online meeting.
In its article published on Friday, Reuters quoted an unnamed European G7 official as saying that “a deal is likely.” The same source, however, noted that it was not clear how much detail will be forthcoming.
On Thursday, British Chancellor of the Exchequer Nadhim Zahawi expressed hope that G7 finance ministers will “have a statement that will mean that we can move forward at pace to deliver this.”
White House spokesperson Karine Jean-Pierre, however, declined to comment so as not to “get ahead of that meeting.”
Russia has seen its oil export volumes drop following the start of its military offensive against Ukraine in late February, but its revenue rose in June by $700 million from May, as reported by the International Energy Agency in August, on the back of higher global oil prices.