G7 leaders united behind Ukraine aiming for oil money in the Kremlin

Leaders of the world’s largest developed nations sought a wide range of steps to limit Russia’s income from oil sales funding the invasion of Ukraine on Tuesday, “as much as necessary” as the war progressed. He said he showed a united attitude to support Kieu.

The final statement of the Group of Seven Summit in Germany emphasized its intention to impose “serious and immediate economic costs” on Russia.

In the coming weeks to “explore the feasibility” of measures to ban Russia’s oil imports above a certain level, omitting important details on how fossil fuel price caps actually work We started further discussions at.

It hits Russia’s main source of income and, in theory, helps mitigate the surge in energy prices and inflation that are afflicting the world economy as a result of the war.

“We will adhere to our commitment to unprecedented adjustments to sanctions and act in unison at every stage, wherever necessary,” said the leader.

G-7 leaders representing the United States, Germany, France, Italy, the United Kingdom, Canada and Japan will assist Ukraine “as much as necessary” on Monday after discussing with Ukrainian President Wolodimir Zelensky on a video link. I promised to do it. Zelenskyy is openly worried that the West is tired of the cost of war, which is contributing to the rising energy costs and price increases of necessities around the world. The G-7 has sought to alleviate those concerns.

Leaders also agreed to ban Russia’s gold imports and step up aid to countries suffering from food shortages due to the blockade of Ukraine’s grain transport through the Black Sea.

“I agree that President Putin (Russia) must not win this war. We will continue to maintain and promote the economic and political costs of President Putin and his administration,” said the organizer of the summit. German Prime Minister Vladimir Putin said. .. “To that end, it is important to stand together, including the long-term situation we are still facing.”

French President Emmanuel Macron said Russia “can’t win, can’t win” the war in Ukraine the day after a Russian missile attack struck a shopping mall in the town of Kremenchuk, killing 18 people.

The price cap pushed by US President Joe Biden theoretically works by prohibiting service providers such as shippers and insurance companies from handling prices above a certain level of oil. This may work because the service provider is primarily in the European Union or the United Kingdom and is therefore within the scope of sanctions. But to be effective, we need to involve as many consuming countries as possible, especially India, where refiners are getting cheap Russian oil, which is shunned by Western traders. Details on how the proposal will be implemented have been left for ongoing discussions in the coming weeks.

The United States has already blocked Russia’s oil imports, but in any case it was low. The European Union has decided to ban 90% of Russian oil coming from the sea, but the ban will not take effect until the end of the year. That is, Europe will continue to send money to Russia for energy while blaming the war. .. Soaring global oil prices, on the other hand, have eased the impact on Russia’s income, even though Western traders are avoiding Russian oil.

The energy theme was at the heart of the entire summit. Europe is struggling to find new oil sources and fresh gas supplies as Russia dials back gas supplies by saying that leaders are a political move. Soaring energy prices, on the other hand, are a headache for consumers in G7 countries.

Schortz defended the G7’s decision to ease public support for fossil fuel investment, saying the war in Ukraine may require limited-time support for new natural gas mining projects. ..

The group expressed widespread concern about China. Leaders emphasized that “we need to work with China on common global challenges,” but China will stop the war on Russia, respect Hong Kong’s human rights, refrain from military action against Taiwan, and improve non-trade. He emphasized their position that they should be encouraged. Transparent trade and economic practices.

From the remote Schloss Elmau Hotel in the Bavarian Alps, G7 leaders will move to Madrid for the NATO summit. There, fallout from Russia’s invasion of Ukraine once again dominates the agenda. All G7 member countries other than Japan are NATO member countries, and Prime Minister Fumio Kishida was invited to Madrid.

Although the group’s annual rally has been dominated by war, Schortz was keen to show that the G7 could also advance its prewar priorities.

Members promised on Tuesday to create a new “climate club” for countries that want to take more ambitious action to tackle global warming.

With this Schortz-backed move, club-participating countries will have a greenhouse effect this century with the aim of keeping global temperatures below 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared to pre-industrial levels. You will agree on stricter measures to reduce gas emissions.

Countries that are part of the club will try to harmonize those measures so that they are comparable and avoid having members impose climate-related tariffs on each other’s imports.

Scholz said its purpose was “to ensure that protecting the climate is a competitive advantage and not a disadvantage.”

He said the details of the planned climate club will be finalized this year. G7 leaders united behind Ukraine aiming for oil money in the Kremlin

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