NRGU - G7 leaders explore price caps on Russian oil and gas

Over at the G7 summit in the Bavarian Alps, Western leaders are attempting to find new ways to curb soaring energy costs, especially given the fears of an oncoming recession. The latest idea being pitched is caps on the price of Russian oil and gas, though obstacles remain and the concept would need to garner widespread adoption to be effective. The Kremlin has already been making some serious dough from surging prices of its commodity exports, which have helped the government weather a continuous slew of hefty sanctions. How caps would work: Details are still being discussed, but the plan aims to cap prices at a level close to the cost of Russian production - thereby denting Moscow's finances but still ensuring critical energy flows. To accomplish this, Europe would restrict the availability of transport and insurance services to shippers that agree to observe the price ceiling (~95% of the

For further details see:

G7 leaders explore price caps on Russian oil and gas