White House Press Secretary Karine Jean-Pierre said on Friday a global price cap on Russian oil will significantly reduce Russia's revenue to fight the war in Ukraine.
She said a price cap will give more countries better leverage to strike deals with Russia and that the White House will work in the coming weeks to determine the price cap level.
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Earlier on Friday, the Group of Seven finance ministers agreed to impose a price cap on Russian oil. (Reporting by Alexandra Alper and Nandita Bose in Washington)
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