In the latest bizarro move by western nations meant to hurt Russia, but will blow back and help Putin get even richer while impoverishing western motorists with even higher gas prices, G7 leaders meeting at a Bavarian Alp summit, plan to impose a "price cap" on Russian oil as the group works to curb Moscow's ability to finance its war in Ukraine, the FT reported. The latest sanction follows news that the same G7 will also impose an import ban on Russian gold, which western nations already can't buy, and which will only push even more physical gold into the willing hands of India and China while pushing global prices higher.

Talks were set to continue on Monday, having begun on Sunday in the luxury resort of Schloss Elmau, where leaders want to enlist a range of countries beyond the G7 to put a ceiling on the price paid for Russian oil.