G7 Discussing Buyers' Cartel Creation To Minimize Russian Oil Exports Revenues - Reports

MOSCOW (Pakistan Point News / Sputnik - 20th May, 2022) The G7 countries are discussing the possible creation of a buyers' cartel that will set a price cap for Russian oil to minimize the country's revenues, media reported.

"A lot of people, including me, find it appealing from a general economic point of view - but actually making it operational is challenging and all of these issues haven't been worked through," US Treasury Secretary Janet Yellen said, as quoted by the Bloomberg news agency.

According to Bloomberg, the nations are also discussing secondary sanctions against the Russian oil trade.

The European leaders will reportedly meet in Brussels in late May to discuss the situation in Ukraine and the further sanctions against Russia.