Attempting to shrug off the revenue that is enabling Russia to finance its invasion of Ukraine, the leaders at the G7 summit moved closer to pushing for an aggressive but weary plan to manipulate the price of oil. The plan would allow Russia to continue selling oil to the world but would limit the price at which it can be sold. Gasoline prices have seen a recent spike since sanctions have been placed on Russia by the United States and Europe.

The attempts at crushing the Russian economy have so far fallen short of expectations, to say the least. Economists however expect a shrinking of nearly 10% in GDP figures for Russia. Bold claims considering the Ruble has recovered rather quickly after shedding almost 100%.

G7 leaders also mention bans on Russian imported gold.

Overall, there is no guarantee that the plan will come together anytime soon or if it will succeed at all. The reason being is that the plan will need to aim to give China, India, and other countries that have yet to oppose any actions from Russia the ability to buy any and all oil at a much lower price than America and its allies can.

The idea also seems to contradict previous claims and requests. We (politicians of the world against Russia) all wanted to ban Russian oil imports. They did so, and they witnessed the negatives to doing so, and then said “put your oil on the market, just at a lower rate…” At the end of the day, no matter what has been placed in order to slow down the Russian economy, the Ruble has bounced back and Russian revenues from oil sales have been on the rise.