• Kyodo

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The price cap to be imposed on Russian oil to punish Moscow over its invasion of Ukraine is expected to be around half the current purchase price, Prime Minister Fumio Kishida said Sunday.

Referring to a joint communique released after a summit of the Group of Seven developed nations late last month, Kishida said during a stump speech in Tokyo that a mechanism would be designed so that Russian oil “will not and cannot be bought at a higher price” than the cap.

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