G7 to hike sanctions on Russia, nears oil price cap deal -U.S. official

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By Andrea Shalal and Sarah Marsh SCHLOSS ELMAU, Germany (Reuters) – The Group of Seven rich democracies will commit on Tuesday to a new package of coordinated actions meant to raise pressure on Russia over its war in Ukraine, and will finalize plans for a price cap on Russian oil, a senior U.S. official said on Monday. The announcement came amid news that Russia looked set to plunge into its first sovereign default in decades and Ukrainian President Volodymyr Zelenskiy spoke to address G7 leaders meeting at an alpine resort in southern Germany. “The dual objectives of G7 leaders have been to t…

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