UK and G7 allies consider tightening ‘meaningless’ cap on Russian oil exports

News Snapshot:

The UK and its G7 allies are considering tightening the “meaningless” cap on Russian oil export prices after Donald Trump’s trade war caused global oil markets to crash. UK Treasury officials are understood to be actively considering plans to lower the $60 (£46) a barrel cap on Russian oil exports after the market plunged to $59.77 a barrel for the first time in more than four years this week. The G7 capped the price of Russian oil exports in late 2022 – when oil traded at well over $100 a barrel – to limit the oil revenues that Moscow could...