The richest democratic leaders in the world make a united attitude to support Ukraine to “as long as it is needed” when the Russian invasion continues, and says they will explore far range of range to limit the Kremlin revenue from the sale of oil that finances the war.
The last statement on Tuesday from the Group Seven (G7) Summit in Germany underlined their intention to impose “severe and direct economic costs” in Russia. It leaves the key detail about how the fossil fuel price limit will work in practice, preparing more discussions in the coming weeks to “explore” steps to prohibit Russian oil imports above a certain level.
“We remain firm in our commitment to our unprecedented coordination about sanctions as long as they are needed, act simultaneously at every stage,” the leaders said.
The leaders also approved the ban on Russian gold imports and to increase assistance to countries that were beaten with lack of food by blockade on the delivery of ukraine seeds through the Black Sea.
Close prices in theory will work by prohibiting services provided such as the sender or insurance company from dealing with oil at prices above the fixed level. Service providers are mostly located in the European Union or Britain and thus within the reach of sanctions. To be effective, however, it must involve as many countries as possible, especially India, where the refiners have taken cheap Russian oil that is shunned by Western traders.
The US has blocked Russian oil imports, which are small in any case. The EU has decided to impose a ban on 90% of Russian oil that came by sea, but that does not apply until the end of the year, which means Europe continues to send money to Russia for energy even when condemning the war. Meanwhile, the higher global oil price has softened a blow to Russian income, even when Western traders avoid Russian oil.
Before closing the Summit, the leaders joined in condemning what they called the “heinous” Russian attack in a shopping center in the city of Kremechuk, calling it a war crime and swearing that President Vladimir Putin and others were involved “will be held accountable.”
US, German, France, Italian, England, Canadian and Japanese leaders on Monday promised to support Ukraine “as long as they were needed” after negotiating with a video link with Ukraine President Volodymyr Zelensky.
Group members also promised to make a new ‘climate club’ for countries who want to take more ambitious actions to overcome global warming.
This step will see the countries that join the club agreed to the louder steps to reduce greenhouse gas emissions with the aim of maintaining global temperatures from rising more than 1.5 Celsius (2.7 Fahrenheit) this century compared to the pre-period industry.