By ZEKE MILLER and GEIR MOULSON 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. 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. The G-7 leaders — representing the U.S., Germany, France, Italy, the U.K., Canada and Japan — on Monday pledged to support Ukraine “for as long as it takes” after conferring by video link with Ukrainian President Volodymyr Zelenskyy.
G-7 Leaders United Behind Ukraine, Aim At Kremlin Oil Money
Zeke Miller, Geir Moulson, Denver Post
Tue, 06/28/2022 - 7:07am
Topics: zeke miller geir moulson germany ap kyiv group the g-7 france italy canada ukrainian president volodymyr zelenskyy leaders black sea russian president vladimir putin president putin german chancellor olaf french president emmanuel macron u.s president joe biden u.k india the u.s western energy g-7′s hong kong taiwan schloss elmau bavarian alps nato japanese prime minister fumio kishida members celsius 2.7 fahrenheit countries follow ap s elmau germany germany leaders russia we g-7 u.s u.k japan ukraine scholz european union china madrid united aim oil money war summit global move gas club long imports price support details ban hit work income economic climate costs measures left fuel sanctions level impose pledged underlined takes weeks key cap stance fossil invasion prices theory service supplies year political traders agree higher win action explore
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