G7 countries plan to tighten compliance with price cap on Russian oil

The Group of Seven, commonly known as G7, plans to tighten compliance with the price cap on Russian oil, the group said in a statement following the group’s virtual summit.

"We will continue to apply significant pressure on Russian revenues from energy and other commodities. We will continue to take steps to tighten compliance and enforcement of the oil price cap," the statement said. "While working to maintain supply stability, we will respond to price cap violations, including by imposing additional sanctions measures on those engaged in deceptive practices while transporting Russian oil and against the networks Russia has developed to extract additional revenue from price cap violations."

"We will continue taking steps to limit Russia’s future energy revenues," G7 leaders went on to say. "We will continue to impede Russia’s development of future energy projects and disrupt its development of alternatives for energy shipping and other services."

The statement also said G7 will work to reduce Russia’s revenues from metals.

The Group of Seven is an intergovernmental political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.