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G-7, EU are discussing a limit of around $60 a barrel to sanction Moscow for its invasion of Ukraine
The U.S. and its allies are seeking to agree as soon as Wednesday on a level for a price cap on Russian oil, with officials discussing setting it at around $60 a barrel as the group rushes to complete the plan, according to people familiar with the talks.
The price cap, which the people said could still be set as high as $70, is at the center of the West’s efforts to sanction Russia for its invasion of Ukraine. The Group of Seven advanced democracies and Australia plan to begin enforcing the price cap on Dec. 5 after struggling to craft its details this fall.