At last week’s G7 finance ministers’ meeting, Canada proposed lowering the price cap on Russian oil. The initiative was supported by EU countries and other G7 members, but U.S. Treasury Secretary Scott Bessent opposed the idea, Financial Times reports. Following his rejection, the issue was referred for further evaluation. Nonetheless, the participating countries agreed in a joint communiqué to continue developing measures aimed at tightening restrictions on Russia. These measures are expected to be introduced if no ceasefire is reached in Ukraine.