Elmau (Germany): Leaders of the world’s richest democracies take a united stand for support Ukraine for “as long as it takes” RussiaThe U.S. offensive continues, and they said they would explore far-reaching steps to limit the Kremlin’s income from oil sales that are funding the war.
Tuesday’s final statement from the Group of Seven summit in Germany underscored their intention to impose “serious and immediate economic costs” on Russia. It omitted important details of how fossil fuel price caps would work in practice, setting off further discussion in the coming weeks to “discover” measures to stop imports of Russian oil above a certain level.
This would affect a major Russian source of income and, in theory, help offset the energy prices and inflation that has hit the global economy as a result of the war.
“We stand by our commitment to our unprecedented coordination on sanctions, working together at every level for as long as necessary,” the leaders said.
The leaders also agreed to extend aid to countries hit by food shortages caused by a ban on Russian gold imports and a blockage on Ukraine grain shipments through the Black Sea.
The price cap would in theory work by providing a service such as shippers or insurers from handling oil priced above a certain level. This can work because service providers are mostly located in the EU or UK and thus are within reach of restrictions. However, to be effective, it would have to include more and more consuming countries, particularly India, where refiners are siphoning off cheap Russian oil left behind by Western traders. Details on how the proposal would be implemented were left for negotiations to continue in the coming weeks.
Ahead of the summit’s conclusion, the leaders condemned the “disgusting” Russian attack on a shopping mall in the city of Kremchuk, calling it a war crime and sworn in the president. Vladimir Putin and others included “will be held on account.”
The leaders of the US, Germany, France, Italy, the UK, Canada and Japan on Monday pledged to support Ukraine “as long as it takes” after holding talks via video link with Ukrainian President Volodymyr Zelensky.
The host of the summit, the German Chancellor Olaf Scholzo, said that he “once again very vehemently determined the situation as Ukraine currently sees it.” Zelensky’s address comes hours before Ukrainian authorities reported on a deadly Russian missile attack on a crowded shopping mall in the central city of Kremenchuk.
secluded Castle Elmos Hotel in the Bavarian Alps, G-7 leaders will head to Madrid for a summit of NATO leaders, where the outcome of Russia’s invasion of Ukraine will again dominate the agenda. All G-7 members are NATO members except Japan, and Japanese Prime Minister Fumio Kishida has been invited to Madrid.
Zelensky has openly worried that the West is tired of the costs of a war that is contributing to rising energy costs and rising prices on essential goods around the world. The G7 has attempted to address those concerns.
While the group’s annual gathering has been dominated by Ukraine and the knock-on effects of the war, such as the food supply challenge in some parts of the world due to disruptions in Ukrainian grain exports, Scholz is keen to show that the G7 is also fighting war. Can move on to prior priorities.
Members of the Group of Seven major economies on Tuesday pledged to form a new ‘climate club’ for countries that want to take more ambitious action to tackle global warming.
The move, supported by Scholz, joins the club with strict measures to reduce greenhouse gas emissions aimed at preventing global temperatures from rising more than 1.5 Celsius (2.7 Fahrenheit) this century compared to pre-industrial times. But will agree.
Countries that are part of the club will try to harmonize their measures in such a way that they are comparable and avoid the imposition of climate-related tariffs on each other’s imports from members.
At the end of the three-day summit in Elmau, Germany, Scholz said the aim is to “ensure that protecting the climate is a competitive advantage, not a disadvantage.”
He said the details of the planned climate club would be finalized this year.
Tuesday’s final statement from the Group of Seven summit in Germany underscored their intention to impose “serious and immediate economic costs” on Russia. It omitted important details of how fossil fuel price caps would work in practice, setting off further discussion in the coming weeks to “discover” measures to stop imports of Russian oil above a certain level.
This would affect a major Russian source of income and, in theory, help offset the energy prices and inflation that has hit the global economy as a result of the war.
“We stand by our commitment to our unprecedented coordination on sanctions, working together at every level for as long as necessary,” the leaders said.
The leaders also agreed to extend aid to countries hit by food shortages caused by a ban on Russian gold imports and a blockage on Ukraine grain shipments through the Black Sea.
The price cap would in theory work by providing a service such as shippers or insurers from handling oil priced above a certain level. This can work because service providers are mostly located in the EU or UK and thus are within reach of restrictions. However, to be effective, it would have to include more and more consuming countries, particularly India, where refiners are siphoning off cheap Russian oil left behind by Western traders. Details on how the proposal would be implemented were left for negotiations to continue in the coming weeks.
Ahead of the summit’s conclusion, the leaders condemned the “disgusting” Russian attack on a shopping mall in the city of Kremchuk, calling it a war crime and sworn in the president. Vladimir Putin and others included “will be held on account.”
The leaders of the US, Germany, France, Italy, the UK, Canada and Japan on Monday pledged to support Ukraine “as long as it takes” after holding talks via video link with Ukrainian President Volodymyr Zelensky.
The host of the summit, the German Chancellor Olaf Scholzo, said that he “once again very vehemently determined the situation as Ukraine currently sees it.” Zelensky’s address comes hours before Ukrainian authorities reported on a deadly Russian missile attack on a crowded shopping mall in the central city of Kremenchuk.
secluded Castle Elmos Hotel in the Bavarian Alps, G-7 leaders will head to Madrid for a summit of NATO leaders, where the outcome of Russia’s invasion of Ukraine will again dominate the agenda. All G-7 members are NATO members except Japan, and Japanese Prime Minister Fumio Kishida has been invited to Madrid.
Zelensky has openly worried that the West is tired of the costs of a war that is contributing to rising energy costs and rising prices on essential goods around the world. The G7 has attempted to address those concerns.
While the group’s annual gathering has been dominated by Ukraine and the knock-on effects of the war, such as the food supply challenge in some parts of the world due to disruptions in Ukrainian grain exports, Scholz is keen to show that the G7 is also fighting war. Can move on to prior priorities.
Members of the Group of Seven major economies on Tuesday pledged to form a new ‘climate club’ for countries that want to take more ambitious action to tackle global warming.
The move, supported by Scholz, joins the club with strict measures to reduce greenhouse gas emissions aimed at preventing global temperatures from rising more than 1.5 Celsius (2.7 Fahrenheit) this century compared to pre-industrial times. But will agree.
Countries that are part of the club will try to harmonize their measures in such a way that they are comparable and avoid the imposition of climate-related tariffs on each other’s imports from members.
At the end of the three-day summit in Elmau, Germany, Scholz said the aim is to “ensure that protecting the climate is a competitive advantage, not a disadvantage.”
He said the details of the planned climate club would be finalized this year.