Wall Street Journal with the report (may be gated)

The Journal cites people familiar with the matter. Under the plan:

  • G-7 nations would bar financing and insuring Russian oil shipments unless the oil is sold below a set price
  • “Our goal here is to create a permission structure that allows Russian oil to flow but reduces their revenues,” Deputy Treasury Secretary Wally Adeyemo said in an interview Wednesday.
oil russia

The plan would also aim at not increasing the price of oil on the market.