An elaborate United States-led plan to limit what Russia can charge for its oil exports is set to cap the price of Russian crude at $60 a barrel, the Group of 7 nations agreed on Friday. The threshold, which was settled on after protracted negotiations among European Union diplomats, is likely to make a small dent in the Kremlin’s energy revenue and, the White House hopes, help avert a global oil shock.The deal was heralded by the E.U.’s executive body and won the quick approval of the rest of the G7 and Australia late on Friday.“With this decision today, we deliver on the commitment of G7 Leaders at their summit in Elmau to prevent Russia fro …
