White House: Price cap on Russian oil will lower its revenues for Ukraine war

Earlier on Friday, the Group of Seven finance ministers agreed to impose a price cap on Russian oil.

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.

Karine Jean-Pierre, White House press secretary.(Bloomberg)

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.

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)