In light of recent plummeting oil prices, G7 allies, led by the UK, are considering reducing the current $60 price cap on Russian oil exports. Initially set to restrict Russian revenue related to its military actions in Ukraine, experts now argue the cap has become ineffective due to falling prices, with Russia exploiting loopholes to circumvent it. UK Treasury officials are collaborating with international partners to strategically tighten the cap to better support Ukraine and exert pressure on Russia to engage in negotiations toward peace.
"The cap effectively barred all G7 and EU nations from buying Russian barrels above $60 or providing essential support for any deals above this price."
"Experts have said the plan was currently meaningless after a steep fall in the global oil markets."
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