France's Macron: backs Russia oil price cap as some are making money out of Ukraine war

French President Emmanuel Macron told the G7 summit that he backed the idea of a cap on Russian oil prices, given how he felt that some were making money out of Russia's invasion of Ukraine, which has driven up energy prices.

French President Emmanuel Macron told the G7 summit that he backed the idea of a cap on Russian oil prices, given how he felt that some were making money out of Russia's invasion of Ukraine, which has driven up energy prices. "Some producers and speculators are making a lot of money with the current war," said Macron.

Macron added he was very favourable towards a Russian gas cap, which could be easier to implement compared to a Russian oil cap, and that an alliance of buyers needed to be widened for a Russian oil cap to work. The G7 is looking at price caps as a way to prevent Moscow profiting from its invasion of Ukraine, which has sharply raised energy prices, taking the sting out of Western efforts to reduce imports of Russian oil and gas.

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