French President Emmanuel Macron has said he supported the idea of a cap on Russian oil prices at the G7 summit, as he felt that some were making money from the Russian invasion of Ukraine, which has pushed up energy prices.
“Some producers and speculators make a lot of money from the war,” Macron said.
He added that he was in favor of a Russian ceiling on Russian gas, which would be easier to implement than a ceiling on oil, and that the buyers’ alliance needed to be expanded to allow the ceiling to work on Russian oil.
The G7 is considering a price cap as a way to prevent Moscow from profiting from its invasion of Ukraine, which has pushed up energy prices sharply.
Source: Capital
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