Oil And Gas Price Cap To Thwart Putin Wins Support
The Guardian|June 27, 2022
A proposed cap on the price of Russian oil and gas to slash the Kremlin's revenues and reduce inflationary pressures in the west gathered strong support yesterday as G7 leaders met in Bavaria.
Patrick Wintour
Oil And Gas Price Cap To Thwart Putin Wins Support

The three-day event is set to be dominated by discussion of how to tighten the economic and military vice around Vladimir Putin without leading to disastrous spillovers, including a backlash among western consumers and starvation in the global south.

Joe Biden insisted Putin had been thwarted by the degree of unity shown by the west. "Putin has been counting on it from the beginning that somehow Nato and the G7 would splinter. But we haven't and we're not going to," the US president said.

Behind the scenes, though, there is deep concern that the west has not yet assembled the policy mix that will force Putin to back down.

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