G-7 Leaders End Summit Pledging To Hurt Russia Economically
Newsy
The final statement from the Group of Seven summit in Germany underlined the intent to impose "severe and immediate economic costs" on Russia.
Leaders of the world's wealthiest democracies struck a united stance to support Ukraine for "as long as it takes" as Russia's invasion grinds on, and said they would explore far-reaching steps to cap Kremlin income from oil sales that are financing the war.
The final statement Tuesday 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 the fossil fuel price caps would work in practice, setting up more discussion in the weeks ahead to "explore" 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.
