G7 leaders wrap up summit, pledge tougher action against Russia

by | Jun 28, 2022 | World

The leaders of the world’s wealthiest democracies have pledged during a meeting in Germany to isolate Russia as they struck a united stance to support Ukraine for “as long as it takes” against Moscow’s invasion.In their final statement on Tuesday from the Group of Seven (G7) summit, Canada, France, Germany, Japan, Italy, the United Kingdom and the United States, along with the European Union, underlined their intent to impose “severe and immediate economic costs” on Russia and look into far-reaching steps to cap Kremlin income from oil sales that are financing the war, now in its fifth month.
The communique did not include 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 imports of Russian oil above a certain level. That would hit a key Russian source of income and, in theory, help relieve the energy price spikes and inflation afflicting the global economy as a result of the war.
“We remain steadfast in our commitment to our unprecedented coordination on sanctions for as long as necessary, acting in unison at every stage,” the leaders said.
The price cap would in theory work by barring service providers such as shippers or insurers from dealing with oil priced above a fixed level. That could work because the serv …

Article Attribution | Read More at Article Source

Share This