Leaders of the G7 nations are exploring a price cap on the imports of Russian oil, in a policy that aims to choke off funding to the country’s invasion of Ukraine while limiting inflationary impacts across the global fuel supply. In an announcement made on Tuesday, the leaders highlighted their dedication to reducing Russia’s fossil fuel revenues while protecting those – particularly in low-to-medium-income countries – from rising energy prices. The US, in particular, is pushing for a ceiling to be placed on the price of Russian oil – roughly equal to the price of production, although the true figure would likely be marginally higher to maintain an incentive to export. Following the announcement, benchmark prices for Brent Crude oil…