US, Allies Reportedly Discuss Capping Russian Oil at $40 to $60
At the same time, G7 encouraged oil producing countries to scale up their production to defuse tension in energy markets and mitigate impact on most vulnerable countries.EU member countries sanctioned Russia after it launched a military operation in Ukraine in February. The European Union has since imposed six packages of sanctions hitting Russia's banking, finances and media, government officials, and lawmakers, as well as oil supplied by sea. Several European leaders have called on Brussels to include a ban on Russian gas in the future seventh package.
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