On Friday, the G7 countries — the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom — agreed to impose a price cap on Russian oil to handicap Moscow’s profit-gaining capabilities for financing its war in Ukraine.
The nations said they would ban “services which enable maritime transportation of Russian-origin crude oil and petroleum products globally,” such as shipping, if they are sold at a price higher than the price cap. After that coordinated effort, Russia threatened to retaliate by not selling oil to countries that implement the cap.