G7 set to cap Russian gas prices as it turns the screw on Putin Business

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The G7 is preparing to tighten the screw in the coffers of the Kremlin with a cap on Russian energy prices.

Leaders are expected to announce today their intention to cap Russian gas prices. This is in addition to a price cap mechanism on the country’s oil imports.

Limiting Moscow’s energy profits has been one of the main talking points so far at the three-day G7 summit in Bavaria.

It comes as the EU looks for ways to reduce energy demand as lower Russian gas flows could lead to shortages this winter and force countries to implement rationing.

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What happened overnight

Hong Kong stocks opened slightly lower this morning. The Hang Seng index fell 0.4pc. The Shanghai Composite Index was flat, while the Shenzhen Composite Index on China’s second-largest stock exchange also barely moved.

Shares in Tokyo traded higher as the benchmark Nikkei 225 rose 0.4%.

coming today

• Company : Biffa (annual results); ICG Enterprise Trust, Petrofac (commercial statement)
• Economy: BRC store price index (UK)GfK Consumer Trust (All)housing price index (WE)consumer confidence (WE)