Sanctions on Russia, protecting energy, food: The G7 action plans

by | Jun 28, 2022 | World

The annual summit was dominated by talks on how the G7 can support Ukraine in repelling Russia’s invasion while minimising the international fallout.Leaders of the Group of Seven (G7) rich democracies have wrapped up a three-day summit at a luxury resort in the Bavarian Alps in southern Germany.
The annual summit was dominated by talks on how the world’s top industrialised nations can bolster Ukraine in repelling Russia’s invasion while minimising the international fallout on food prices and energy.
Here are some of the highlights on what the G7 agreed on Tuesday, the final day of the summit:
Russia sanctions

The G7 said it will explore measures “to prevent Russia from profiting from its war of aggression”, including imposing a ban on the transport of Russian oil that has been sold above a certain price cap.
The group is considering “a possible comprehensive prohibition of all services, which enable transportation for Russian seaborne crude oil and petroleum products globally”, unless the Russian oil has been “purchased at or below a price to be agreed” by the G7 consultation with international partners.
“We will further reduce reliance on civil nuclear and related goods from Russia, including working to assist countries seeking to diversify their supplies,” the group said.

Energy

Coordinating with the International Energy Agency, the G7 said they will explore measures to reduce price surges and prevent effects to economies and societies globally.
They called for producer countries to “increase their production to decrease the tension in energy markets”.
The G7 also committed “to end new direct public support” for the international fossil fuel energy sector by the end of 2022, “except in limited circumstances clearly defined by each country consistent with a 1.5 degree Celsius warming limit and the goals of the Paris Agreement”.
“We co …

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