G7 leaders, meeting for the second day in a row on June 27 at a summit in Germany, are expected to agree on a limit on Russian oil prices to limit Moscow’s revenues. from the sale of hydrocarbons as the main element of new sanctions against Russia for its unprovoked invasion of Ukraine.
Some international media quoted US officials on June 27 as giving details of how the price limit being set during the summit, which ends on June 28, would work.
“The dual objectives of the G7 leaders are to directly target [Russian President Vladimir] Putin’s revenues, especially those generated through energy, but also to minimize the consequences and impact on the G7 economies and the rest of the world.” said a US official for the Reuters news agency.
The group of rich western countries has sought to increase pressure on Moscow as it seeks to minimize any damage that may come to their economies. Oil prices have risen since Russia launched its war against Ukraine on February 24 as sanctions restrict Russian exports of raw materials.
Many Western countries and the European Union have already imposed several comprehensive sanctions packages against Moscow to isolate President Vladimir Putin and cripple Russia’s economy in a bid to force the Kremlin to end the war.
The White House said leaders at the summit would also make an “unprecedented and long-term security commitment to provide Ukraine with financial, humanitarian, military and diplomatic support for as long as needed” including the timely delivery of advanced weapons.
