Ukraine news LIVE: Vladimir Putin to be CLOBBERED ‘by price cap on Russian oil’ as G7 Western leaders hit back at tyrant

VLADIMIR Putin will be hit by a price cap on Russian oil as G7 leaders hit back at the tyrant to “reduce Russian revenues”. A price cap has been agreed by finance ministers of the G7 group of leading democracies on Russian oil and petroleum products. In a statement, the G7 nations said the cap was “specifically designed to reduce Russian revenues and Russia´s ability to fund its war of aggression whilst limiting the impact of Russia´s war on global energy prices”. The UK representative, chancellor Nadhim Zahawi, said the move would restrict Putin’s ability to fund the war in Ukraine. Mr Zahawi said: “This has been a personal priority for me as chancellor. “We will curtail Putin’s capacity to fund his war from oil exports by banning services, such as insurance and the provision of finance, to vessels carrying Russian oil above an agreed price cap. “We are united against this barbaric aggression and will do all we can to support Ukraine as they fight for sovereignty, democracy and freedom.” Read our Ukraine-Russia blog below for the latest updates…