The Group of Seven (G7) nations on Monday pursued new sanctions, notably including a potential price cap on Russian oil, in an effort to cripple the Kremlin’s vital energy complex and hamstring its ability to finance the war in Ukraine.

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The United States, as part of the three-day G7 gathering that started Sunday, also vowed ongoing support to European Union (EU) members in the form of liquefied natural gas (LNG) exports. Russian flows of natural gas to Europe have recently been restricted further, threatening the EU’s ability to store heating fuel for the coming winter.

“While Russia has cut supplies of natural gas to several EU member states, the United States and other producers have stepped up. Since March, global LNG exports to Europe have risen by 75% compared to...