G7 leaders end summit pledging to hurt Russia economically
Leaders also agreed on a ban on imports of Russian gold and to step up aid to countries hit with food shortages by the blockage on Ukraine grain shipments through the Black Sea.
- Jun 28, 2022,
- Updated Jun 28, 2022 4:22 PM IST
Leaders of the world's wealthiest democracies struck a united stance Tuesday to support Ukraine for "as long as necessary" as Russia's invasion grinds on, and said they would explore far-reaching steps to cap Kremlin income from oil sales that are financing the war.
The final statement from the Group of Seven summit in Germany left out key details on how the fossil fuel price caps would work in practice, setting up more discussion in the weeks ahead to "explore" measures to bar import of Russian oil above a certain level. That would hit a key Russian source of income and, in theory, relieve the energy price spikes afflicting the global economy as a result of the war.
Leaders also agreed on a ban on imports of Russian gold and to step up aid to countries hit with food shortages by the blockage on Ukraine grain shipments through the Black Sea.
Leaders of the world's wealthiest democracies struck a united stance Tuesday to support Ukraine for "as long as necessary" as Russia's invasion grinds on, and said they would explore far-reaching steps to cap Kremlin income from oil sales that are financing the war.
The final statement from the Group of Seven summit in Germany left out key details on how the fossil fuel price caps would work in practice, setting up more discussion in the weeks ahead to "explore" measures to bar import of Russian oil above a certain level. That would hit a key Russian source of income and, in theory, relieve the energy price spikes afflicting the global economy as a result of the war.
Leaders also agreed on a ban on imports of Russian gold and to step up aid to countries hit with food shortages by the blockage on Ukraine grain shipments through the Black Sea.