G7 set to discuss cap on price of Russian oil in bid to ease prices

The European Union, UK and Switzerland all plan to ban their companies from providing those services for Russian oil shipments beginning in December

Group of Seven finance ministers will hold talks this week on allowing global purchases of Russian oil at a capped price -- a gambit that the US hopes will ease energy market pressures and slash overall Russian revenues from crude.

Treasury Secretary Janet Yellen and her counterparts will discuss the measure further in a session on Friday, US officials said. The plan would allow purchasers of Russian oil under a capped price to continue getting crucial services -- like financing and insurance for tankers. 

The European Union, UK and Switzerland all plan to ban their companies from providing those services for Russian