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SCHLOSS ELMAU, Germany, June 28 Reuters The Group of Seven economic powers have agreed to explore imposing a ban on transporting Russian oil that has been sold above a certain price, they said on Tuesday, aiming to hit Russian President Vladimir Putin39;s war chest.

The war in Ukraine and its dramatic economic fallout, in particular soaring food and energy inflation, dominated this year39;s summit of the group of rich democracies at a castle resort in the Bavarian Alps.

An oil price cap would ratchet up existing Western pressure on Russia from sanctions, which German Chancellor Olaf Scholz insisted would stay until Putin accepted failure in Ukraine.

There is only one way out for Putin to accept that his plans in Ukraine will not succeed, Scholz told a closing news conference at the threeday G7 summit he hosted.

The idea behind the cap is to tie financial services, insurance and the shipping of oil cargoes to a price ceiling. So if a shipper or importer wanted these services, they would have to commit to the Russian oil being sold for a set maximum price.

We invite all likeminded countries to consider joining us in our actions, the G7 leaders said in the communique.

The G7 is looking at the price ceiling as a way to…