A senior US official said the Seven Rich Democracy Group will commit on Tuesday to a new package of coordinated action aimed at increasing pressure on Russia over the Ukraine war and finalizing price ceiling plans for Russian oil. Monday.
The announcement came as the White House said Russia was defaulting on foreign government bonds for the first time in decades – a claim Moscow has denied – and Ukrainian President Volodymyr Zelensky virtually met with G7 leaders at a mountain resort in southern Germany.
According to a European official, Zelensky sought a wide range of military, economic and diplomatic support from the leaders of the Group of Seven.
The G7 countries, which account for almost half of the world’s economic output, want to increase the pressure on Russia without fueling the already high inflation that has caused internal tensions and devastated the global south.
The price ceiling could hit Russian President Vladimir Putin’s war reserves while lowering energy prices.
“The bilateral objectives of the G7 leaders have been to directly target Putin’s revenues, primarily through energy, while minimizing spillover and the impact on the G7 economies and the rest of the world,” the US official said on the sidelines of the meeting. Said. .annual G7 summit.
G7 leaders will also make an unprecedented and long-term security commitment to provide financial, humanitarian, military and diplomatic support to Ukraine as it is needed, including the timely provision of modern weapons, the White House said in a statement. .
Western sanctions have hit the Russian economy hard, and the new measures are aimed at depriving the Kremlin of further oil revenues. The US official said the G7 countries will work with others, including India, to limit the income that Putin can continue to generate.
Indian Prime Minister Narendra Modi is one of five invited nation leaders to join the G7 for talks on climate change, energy, health, food security and gender equality on the second day of the summit.
“This is a mechanism that could benefit more third countries from Europe,” said an EU official. “These countries are asking questions about feasibility, but paying less for energy in principle is a very popular topic.”
According to the US official, G7 leaders will task their governments to work intensively on how to implement the price ceiling in Russia, working with stakeholders, including countries and the private sector around the world.
source: Noticias
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