Will Russia Be Driven To Shut Down Its Oil Production?

In a statement released by Britain, the G7 foreign ministers said they were considering “a comprehensive prohibition of all services that enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners.” This is the G7’s latest effort to implement the policy first proposed by U.S. Treasury Secretary Janet Yellen, to cap the price paid to Russia for its oil. (https://www.state.gov/g7-foreign-ministers-statement-on-energy-security/ )