G7 prepared to consider energy price restrictions to limit Russian earnings

• G7 prepared to consider energy price restrictions to limit Russian earnings.
• Leaders will examine the “feasibility” of placing temporary price controls on energy imports.
• A US-led campaign for a cap on the price of Russian oil has received support from G7 countries in recent months.

During a conference that has been overshadowed by fears of a recession brought on by rising prices, G7 countries will investigate options to reduce energy costs, including possible price restrictions on oil and gas.

Monday evening, authorities resolved on summit conclusions that seek to reduce Russia’s hydrocarbon income while minimising the negative effects of rising energy costs, according to officials.

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Leaders will examine the “feasibility” of placing temporary price controls on energy imports, a reference to the US-led campaign for a cap on the price of Russian oil. Earlier, a G7 official stated that capitals agreed it was a fine idea, but a “great deal of work” remained to make it a reality.

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Four months into a conflict in Ukraine that has pushed up food and fuel prices and sparked worries of a worldwide recession, the G7 leaders met. On Tuesday, the summit, hosted by Germany in the Bavarian Alps, will finish.

The plan to impose price controls on Russian oil coincides with a French suggestion for increased global oil output, a notion that arose as G7 leaders examined methods to alleviate the impending energy bottleneck and reduce the strain on energy-importing nations.