Global price cap on Russian oil will lower revenues for Putin

STORY: Group of Seven finance ministers agreed on Friday to impose a price cap on Russian oil aimed at slashing revenues for Moscow's war in Ukraine while avoiding price spikes, but Russia said it would halt oil sales to countries imposing it.

Jean-Pierre 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.