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The G7, which includes the U.S., Germany, France, Italy, Japan, the U.K., Canada, and (as an official but "non-enumerated" members) the European Union Commission and COUNCIL presidents
Forbes |The G7 is planning to tackle China in 3 ways--and it's working on price caps for fixing and bid rigging Russian oil , 28 June
laid out three policy areas in which it would tackle China, encompassing market monopolistic practices, human rights, and infrastructural investments in developing countries.
< wipes tears > I was hoping for more details about proposed racketeering mechanisms, but PAY WALL.

Two NEW! hilarious, cunning rumors are running the vine this weekend. (1) the fix is in at 50% Urals spot price ceiling/bbl (cur QoQ avg, USD 73/bbl, ~ 30% less than KSA heavy) - Kashidanomics; and (2) China will adopt the G7 fix.

Lemme check that wagging finger from the east...uh oh.
Global Times | G7 is in no position to dictate nations' oil trade with Russia, 29 June

Details remain sketchy regarding the so-called "discussions." As of press time on Wednesday, there has been no official confirmation from relevant parties regarding Reuters' report, which cited an unidentified source . The report suggested that China and India would be able to buy Russian crude at even lowerprices under the plan, but that would represent a significant shift for China and India as both have refrained from joining in the US-led sanctions against Russia and have continued normal economic and trade cooperation with Russia.
[...]
Although it remains unclear what the reported discussions were about and what the outcome was, one thing is very clear: The G7 led by the US is primarily seeking to increase pressure on Russia, as their previous moves fail to sway Moscow, and the interests of China and India or any other country for that matter is not their primary concern despite the so-called "attractive pitch."  
[...]
While a cap on Russian oil prices may sound like a great idea for the West when it comes to curbing Moscow's revenues from oil sales, implementing such a price cap could only be a fantasy with little feasibility if G7 cannot get the world's major oil importers on the same page.

Yet, the problem is that G7 nations are no longer major buyers of Russian oil, and as an unrelated third party, the G7 has neither the qualification nor the market power < wipes tears > to dictate energy trade among China, India and Russia.

the nekkid ultimatum
Western media reports so far suggested that the West may impose such a price cap through insurance. About 95 percent of the world's tanker fleet is insured through the International Group of Protection & Indemnity Clubs in London [!] and some companies in other European countries. G7 could tell crude buyers that if they want to continue using the insurance service for Russian oil shipment, they need to agree to a "capped price."
No.
If there is a need for price adjustment in bilateral energy trade, China and Russia can discuss the issue through bilateral channels. G7 has no qualification to tell them how to conduct trade.
University of D'Oh: "analysts warn the move could prompt Russia to cut Europe off completely"
Mr Market: "Oil is likely to hit $200 a barrel under the disastrous G7 plan"
by Cat on Sun Jul 3rd, 2022 at 07:18:39 PM EST
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