G7 looking at Russian oil price cap of $65-70 per barrel: EU diplomat

The Group of Seen nations is looking at a price cap on Russian sea-borne oil in the range of $65-70 per barrel, a European Union diplomat said on Wednesday.

Ambassadors from the 27 EU countries were discussing the proposal intending to reach a common position by the end of the day, reports Reuters.

The G7, including the United States, the EU and Australia, are slated to implement the price cap on sea-borne exports of Russian oil on Dec 5, as part of sanctions intended to punish Moscow for its invasion of Ukraine.