Biden's Russian oil plan aims to prevent an economic catastrophe

The headlines from a gathering of the Group of 7 world leaders last week focused on diplomacy around the Russia-Ukraine war. But the summit could have massive consequences for the world economy.

The Biden administration advanced a novel strategy to allow Russian oil to trade with its price capped, something officials view as essential to preventing a catastrophic price surge.

Why it matters: The world economy is exceptionally fragile right now, and a new oil spike would amount to a global crisis. The G7 is seeking to prevent that from happening,...