The Group of Seven club of wealthy nations vowed on Monday to support Ukraine “for as long as it takes,” further tightening Russia’s finances with new sanctions that include a proposal to cap the price of Russian oil.
The announcement came after the president of Ukraine, Volodymyr Zelensky, contacted the G7 leaders at their summit in the Bavarian Alps via video link, calling for weapons and air defenses to take the lead in the war against Russia in a few months.
The G7 statement was intended to signal that its members stand ready to stand behind Ukraine for the long term, at a time when rising inflation and energy shortages, fueled by the Russian invasion, have tested the resolve of the Western sanctions.
We will continue to provide financial, humanitarian, military and diplomatic support and stand by Ukraine for as long as necessary,” the statement said.
Following the impact of Russian missiles on kyiv on Sunday, the United States National Security Adviser, Jake Sullivansaid his country is preparing a new weapons package for Ukraine that includes long-range air defenses and ammunition.
“At the top of his mind is the array of missile strikes that have taken place in kyiv and other cities in Ukraine and his desire to gain additional air defense capabilities that could knock Russian missiles out of the sky,” Sullivan told reporters about the speech. of Zelensky.
The G7 countries said they are ready to provide security compromises in a post-war deal and stressed that it is up to kyiv to decide on a future peace deal with Russia. They also indicated that they had committed or were ready to provide up to $29.5 billion for Ukraine.
The announcements came when the White House he said Russia had defaulted on its foreign sovereign bonds for the first time in a century, a claim Moscow rejected.
The G7 nations, which generate almost half of the world’s economic output, want to increase pressure on Russia without stoking already skyrocketing inflation that is causing internal tensions and tearing apart the global south.
The expanded sanctions would also target Russia’s revenue stream from gold exports, Moscow’s military production and Moscow-installed officials in areas of Ukraine occupied by Russian forces.
The imposition of the oil price cap is aimed at hitting the war chest of the Russian president, Vladimir Putinwhile lowering energy prices.
“The double objective of the G7 leaders has been to directly target Putin’s income, especially through energy, but also to minimize the indirect effects and the impact on the economies of the G7 and the rest of the world”, a US official said on the sidelines of the summit.
Western sanctions have hit the Russian economy hard and the new measures are aimed at further depriving the Kremlin of oil revenues. The G7 countries would work with countries like India to limit the revenue that Putin can continue to generate, the Washington official said.
India has refrained from criticizing Russia and provided a market for Russian oil, gas and coal in its bid to balance longstanding ties with Moscow and relations with the West.
