URGENT: G-7 finance chiefs agree on plan to cap Russian oil prices

Finance chiefs from the Group of Seven advanced economies agreed Friday on a plan to cap Russian oil prices in their latest effort to squeeze Moscow's revenue and urge it to end its war against Ukraine.

The agreement, reached during a virtual meeting, came after the group's leaders said in June that they would consider such a program to add pressure on major oil producer and exporter Russia.

The measure will take effect on Dec. 5 for crude oil and Feb. 5 for refined products.

© Kyodo News