G7 to tighten sanctions on Russia, close to agreement on oil price cap

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The G7 countries will today commit to a new package of coordinated actions aimed at increasing pressure on Russia over the war in Ukraine and finalize plans for a price ceiling on Russian oil, a senior US official said today. .

The announcement came after news that Russia appears to be heading for its first bankruptcy in decades, with Ukrainian President Volodymyr Zelensky addressing the G7 leaders’ summit.

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“The dual goals of the G7 leaders were to directly target the income of (Russian President Vladimir Putin) Putin, especially through energy, but also to minimize the consequences and impact on the economies of the G7 and the rest of the world,” the official told update on the sidelines of the G7 annual meeting.

The G7 leaders are “very close to deciding to ask their ministers to urgently develop mechanisms to set a global price ceiling for Russian oil,” the official said. Such a mechanism, which remains to be determined, will go through the “services” related to the export of Russian oil, said the source.

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The G7 countries, which account for about half of world GDP, are determined to step up pressure on Russia without increasing the already high inflation that is particularly affecting the southern hemisphere.

The G7 countries together “will continue to restrict Russia’s access to critical industrial resources”, especially in the defense sector, which Washington has already “aggressively targeted” through sanctions against large Russian public companies, according to with the same source. This means that these companies will no longer be able to import American products, mainly technology components.

The G7 leaders will also make an “unprecedented, long-term security commitment to provide Ukraine with financial, humanitarian, military and diplomatic support as needed,” including the timely supply of advanced 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 oil revenues. G7 countries to work with others – including India – to limit revenue Putin can continue to generate, US official says

“Today’s news of Russia’s default payments, for the first time in more than a century, shows how strong the actions taken by the United States, along with allies and partners, are as dramatic as the impact on the Russian economy.” added the official.

SOURCE: AMPE

Source: Capital

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