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KPMG: Cost of living squeeze could push UK economy into recessionRisk of downturns in US and eurozone tooRussia set for first default in decades
G7 leaders meeting in the Bavarian Alps have been working on a possible price cap on Russian oil, as they seek ways to curb inflation and restrict Moscow from financing its war in Ukraine.
Our diplomatic editor Patrick Wintour reported last night:
Twin caps on the price of Russian oil and pipeline gas are being canvassed heavily by the Italian prime minister, Mario Draghi, and at Sunday’s opening meeting he gained the support of the French president, Emmanuel Macron.
“There is now more than mild optimism that this will work,” one source said.
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