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G7 Ministers Debate Oil Cap Amid Ukraine Crisis

5/23/2025

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G7 Ministers Address Ukraine

G7 finance ministers convened to tackle pressing global economic disparities and the ongoing conflict in Ukraine. They deliberated on potentially lowering the $60 price cap on Russian oil, as prices dip below this limit. The U.S. urged caution, prioritizing robust support for Ukraine's economy and its path to recovery.

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Pertamina Imports Russian Oil

Indonesia's Pertamina has been importing Russian crude oil since May, navigating Western sanctions. The G7 and EU established a $60 price cap for compliant shipments, but the EU is contemplating a reduction. Meanwhile, the U.S. expresses skepticism, while Ukraine pushes for a $30 cap to intensify pressure on Russia during the ongoing conflict.

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G7 Ministers Address Ukraine

G7 finance ministers convened to tackle pressing global economic disparities and the ongoing conflict in Ukraine. They deliberated on potentially lowering the $60 price cap on Russian oil, as prices dip below this limit. The U.S. urged caution, prioritizing robust support for Ukraine's economy and its path to recovery.

1 / 2