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.
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.
“We remain steadfast in our commitment to our unprecedented coordination on sanctions for as long as necessary, acting in unison at every stage,” the leaders said.
