The German Chancellor leaves after having pronounced the closing declaration of the G7 summit, at the castle of Elmau. Photo: Ronny Hartmann / AFP
Group of Seven leaders on Tuesday presented a united front to support Ukraine “for as long as necessary” as the Russian invasion continues to advance, saying they will consider far-reaching measures to limit the Kremlin’s revenue for the sale of oil, which are financing the war.
The final declaration of the German meeting underlined the intention to impose “serious and immediate economic costs” in Russia. did not explain the details key to the operation in practice of limiting the price of oil, so that in the coming weeks the possibility of measures “explore”. banning the import of Russian crude oil above a certain level.
This could affect a key source of income of Moscow and, in theory, would help alleviate rising energy prices and inflation that is disrupting the global economy due to the war.
“We remain steadfast in our commitment to our unprecedented coordination on sanctions for as long as necessary, acting in unison at all times, “said the leaders of the world’s most industrialized nations.
Olaf Scholz makes a final statement to the media at the end of the summit. Photo: Ronny Hartmann / AFP
Besides, they agreed ban imports of Russian gold and increase aid to countries affected by food shortages resulting from the Russian blockade of Ukrainian grain exports across the Black Sea.
Limit the price of oil
The price cap would work, in theory, by prohibiting service providers such as carriers or insurers from negotiating a value of oil whose price exceed the set level. This could stem from the fact that the suppliers are mostly in the European Union or Great Britain and therefore fall under sanctions.
However, to be effective, it should involve as many consumer countries as possible, particularly India, where refineries bought cheap Russian oil, which was rejected in the West. Details on the implementation of the proposal will be determined in the coming weeks.
Before closing, leaders condemned what they described “abominable’‘Russian attack on a shopping center in the city of Kremechuk, calling it a “war crime”, and promised that Russian President Vladimir Putin and others involved “will be held accountable”.
Leaders from the United States, Germany, France, Italy, Great Britain, Canada and Japan pledged on Monday to support Ukraine “for as long as necessary” following a videoconference meeting with Ukrainian President Volodymyr Zelensky.
The host of the summit, German Chancellor Olaf Scholz, said that “once again he highlighted the situation with great emphasis as Ukraine sees it today”. Zelensky’s speech at the height of the Russian advance into eastern Ukraine came just hours before authorities denounced the deadly Russian attack on a crowded shopping mall in the central Ukrainian city.
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Source: Clarin
