G-7 leaders united behind Ukraine, aim at Kremlin oil money

That would hit a key Russian source of income and, in theory, help relieve the energy price spikes and inflation afflicting the global economy as a result of the war.

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World News

June 28, 2022 - 4:50 PM

Biden is on his way to the G-7 Summit starting Sunday, June 26, 2022, where negotiators are already mulling over a cap on Russian oil prices. (Oliver Contreras/Pool/Abaca Press/TNS)

ELMAU, Germany (AP) — Leaders of the world’s biggest developed economies said Tuesday they would explore far-reaching steps to cap Russia’s income from oil sales that are financing its invasion of Ukraine and struck a united stance to support Kyiv for “as long as it takes” as the war grinds on.

The final statement from the Group of Seven summit in Germany underlined their intent to impose “severe and immediate economic costs” on Russia.

It left out key details on how fossil fuel price caps would work in practice, setting up more discussion in the weeks ahead to “explore … the feasibility” of measures to bar imports of Russian oil above a certain level.

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