G-7 leaders end summit with pledge to harm Russia economically | National Policy

By ZEKE MILLER and GEIR MOULSON – Associated Press

ELMAU, Germany (AP) — Leaders of the world’s wealthiest democracies on Tuesday took a united stance in supporting Ukraine “as long as necessary” as the Russian invasion continues, and said they would explore far-reaching measures to cap Kremlin revenues from oil sales that fund the war.

The final statement from the Group of Seven summit in Germany omitted key details on how fossil fuel price caps would work in practice, setting more talks in the coming weeks to ‘explore’ measures to ban the import of Russian oil above a certain level. . This would hit a key Russian source of revenue and, in theory, relieve the energy price spikes plaguing the global economy in the wake of the war.

The leaders also agreed to ban imports of Russian gold and step up aid to countries hit by food shortages due to the blockage of Ukrainian grain shipments via the Black Sea.

THIS IS A BREAKING NEWS UPDATE. AP’s previous story follows below.

ELMAU, Germany (AP) — The Group of Seven concluded a summit Tuesday meant to send a strong signal of long-term commitment to Ukraine’s future, ensuring that Russia pays a higher price for its invasion while attempting to mitigate a global crisis. hunger crisis and show unity against climate change.

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Before the summit closed, the leaders joined in condemning what they called an “abominable” Russian attack on a shopping mall in the town of Kremechuk, calling it a “war crime” and vowing that the President Vladimir Putin and others involved “will be held accountable.” .”

The leaders of the United States, Germany, France, Italy, the United Kingdom, Canada and Japan pledged on Monday to support Ukraine “for as long as it takes” after speaking via video link with Ukrainian President Volodymyr Zelenskyy.

Summit host German Chancellor Olaf Scholz said he “has once again laid out with great emphasis the situation as Ukraine currently sees it”. Zelenskyy’s remarks, amid a meteoric Russian advance into eastern Ukraine, came hours before Ukrainian officials reported a deadly Russian missile strike on a crowded shopping mall in the city. central Kremenchuk.

Officials said at the summit that leaders of major economies were preparing to unveil plans to pursue a cap on Russian oil prices, raise tariffs on Russian products and impose other new sanctions. Agreement on some of the intricacies of the oil price cap – such as whether it would apply only to Russia or other oil producers – could be left for further discussion beyond the summit.

From the secluded Schloss Elmau hotel in the Bavarian Alps, G-7 leaders will continue directly to Madrid for a NATO leaders’ summit – where the fallout from Russia’s invasion of Ukraine will once again dominate the order. of the day. All G-7 members other than Japan are NATO members, and Japanese Prime Minister Fumio Kishida has been invited to Madrid.

Zelenskyy openly worries that the West is fatigued by the cost of a war that is contributing to soaring energy costs and rising prices of essential goods around the world. The G-7 has sought to allay these concerns.

While the group’s annual gathering was dominated by Ukraine and the ripple effects of war, such as the challenge to food supplies in some parts of the world caused by the disruption of Ukrainian grain exports, Scholz was keen to show that the G-7 can also move forward on pre-war priorities.

The host of the summit was keen to obtain an agreement on the creation of a “climate club” for countries that want to move forward in the fight against global warming.

Following a meeting on Monday with the leaders of five developing countries, a joint statement issued by Germany stressed the need to accelerate a “clean and just energy transition” that would end the burning of fossil fuels without causing a sharp increase unemployment.

In the cautiously worded statement, the leaders tentatively endorsed the idea of ​​a global “climate club”.

Geir Moulson reported from Garmisch-Partenkirchen.

Follow AP’s coverage of the G-7 summit at https://apnews.com/hub/g-7-summit and Russia’s war in Ukraine at https://apnews.com/hub/russia-ukraine

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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