The G7 agrees to seek price caps on Russian oil, as allied diplomacy shifts to NATO.

The United States and Group of 7 allies wrapped up two days of talks in Germany on Tuesday with an agreement to seek temporary caps on the price of Russian oil and spend billions more on food security, as Western leaders shuttled to a NATO meeting to discuss bolstering military support for Ukraine.

Vowing to remain united in their opposition to Russia’s invasion of Ukraine, President Biden and G7 leaders said in a joint statement that they would “continue to impose severe and immediate economic costs” on President Vladimir Putin. But the steps they announced — including an oil price cap whose details and likely impact remain far from clear — also illustrated that Western efforts to pressure Mr. Putin with economic sanctions and military aid to Ukraine have so far fallen short. Read more

@nytimes