G7 set to back moves for Russian oil price cap and tariffs on goods

President Emmanuel Macron, US President Joe Biden, European Commission President Ursula von der Leyen and Canada’s Prime Minister Justin Trudeau leave after posing for a group photo during the G7 Summit (AP)

The Group of Seven economic powers are set to announce an agreement to pursue a price cap on Russian oil, aiming to curb Moscow’s energy revenues, a US official has said.

The move is part of a joint effort of support for Ukraine that includes raising tariffs on Russian goods and imposing new sanctions on hundreds of Russian officials and entities supporting the war.