The G7 leaders showed intent to impose severe and immediate economic costs on Russia and look into steps to cap Russian income from oil sales
The Group of Seven (G7) leaders today, i.e., Tuesday, June 28, 2022, pledged to isolate Russia as they struck a united stance to support Ukraine for as long as it takes.
On the last day of the G7 Summit in Germany, the world leaders underlined their intent to impose severe and immediate economic costs on Russia and look into far-reaching steps to cap Russian income from oil sales. The price cap would work by barring service providers such as shippers or insurers from dealing with oil priced above a fixed level. The service providers are mostly located in the European Union (E.U.) or United Kingdom (U.K.).
They also agreed to ban imports of Russian gold and to step up aid to countries hit with food shortages by the blockage of Ukraine grain shipments through the Black Sea.
Taking it to twitter, the President of United States (U.S.) – Joe Biden tweeted,
Together, the G7 will deliver unwavering, unified commitment to support Ukraine and build on our unprecedented sanctions to hold President Putin accountable – sanctions that will only compound over time to further isolate Russia from the world economy. pic.twitter.com/EJlINtkEfm
— President Biden (@POTUS) June 27, 2022
The President of European Commission – Ursula von der Leyen tweeted,
Standing with Ukraine for as long as it takes.
— Ursula von der Leyen (@vonderleyen) June 28, 2022
Tackling energy prices spikes.
Protecting the world from a food crisis.
Investing in quality infrastructure.
Democracies deliver. Even more so when they are united.
This is what the @g7 stands for. pic.twitter.com/tTjLp94WIO
The leaders also condemned the Russian airstrike on a shopping mall in Kremenchuk, in Central Ukraine on Monday, i.e., June 27, 2022, where 18 people were killed. Around 1,000 people were in the mall before the air raid was announced. At least 58 people were injured and 36 people are still missing. The leaders said that all those involved in the killing of innocent people should be held accountable.
Condemning the attack at the shopping mall, Biden tweeted,
Russia's attack on civilians at a shopping mall is cruel. We stand in solidarity with the Ukrainian people.
— President Biden (@POTUS) June 27, 2022
As demonstrated at the G7 Summit, the U.S. along with our allies and partners will continue to hold Russia accountable for such atrocities and support Ukraine’s defense.
Meanwhile, the President of Ukraine – Volodymyr Zelenskyy has openly worried that the West has become fatigued by the cost of a war that is contributing to soaring energy costs and price hikes on essential goods around the globe. The G7 leaders, who sought to assuage those concerns, condemned Russia’s war of aggression in Ukraine and said that Russia is dramatically aggravating the global hunger crisis, which is expected to leave about 323 million people at risk of food insecurity.
The wealthy countries committed an additional U.S. $ 4.5 billion to address global hunger. The G7 members also called on countries and companies with large food stockpiles to make food available without distorting the markets.
The Secretary-General of North Atlantic Treaty Organisation (NATO) – Jens Stoltenberg has said that the Western military alliance would increase the size of its rapid reaction forces from 40,000 soldiers to 300,000. The deployment of forces is a part of the biggest overhaul of collective defence and deterrence since the Cold War.
The G7 leaders will now head to Madrid for a NATO Summit. All the G7 Members are members of NATO, except Japan. However, the Prime Minister of Japan – Fumio Kishida has been invited to the Summit.
