The G-7 agreed to promote the limitation of the price of Russian oil to cut off financing for Putin’s invasion of Ukraine

Leaders of the G-7 (Reuters) (POOL/)

The leaders of the G7, meeting in Germany, will work to launch a mechanism to limit the price of Russian oil, to impact a major source of Moscow’s revenue, a senior White House official said.

The G7 “will ask ministers to work urgently on the drawing up a cap on oil prices, in consultation with third countries and the private sector”, assured the person in charge, a few hours before the end of the summit on Tuesday.

The final text of the meeting is expected to include an agreement of principles on the creation of this unprecedented and complex mechanism that would seek to prevent Russia from selling its oil above a certain price.

Achieving a consensus on this issue would be “a rather spectacular step forward” and “one of the most significant results” of the G7, the US president’s main diplomatic adviser, Jake Sullivan, estimated the day before. However, he recognized the technical difficulty of the project: “It is not something that we can pull out of our drawers as if it were a tried and tested method… it is a new concept”.

Vladimir Putin (Reuters)
Vladimir Putin (Reuters) (SPUTNIK/)

condemns China

The leaders of the summit also plan to condemn in their final statement the China’s unfair economic practicesand will promise a “coordinated positioning” to deal with it, a senior White House official said, in an “unprecedented” move.

“The leaders will commit to working together to develop a coordinated position to remedy China’s non-trade practices to help ensure a level playing field for businesses and workers,” the official said.

They will also denounce the “debt traps” that they say Beijing has set for developing countries, the same source said. In addition, they “will commit to accelerating progress in tackling forced labor” with the goal of “ending all forms of forced labor in global supply chains.”

food insecurity

The G7, the group of the seven most industrialized countries in the world, has reached a commitment to allocate $5 billion to address war-induced food insecurity in Ukrainereported the US official.

Of that amount, a little more than half, 2,760 million dollars (about 2,600 million euros) will be provided by the United States to support efforts in almost fifty countries and regional organizations, the source said in a call with journalists.

The official specified that the US contribution will be divided into 2,000 million dollars (about 1,890 million euros) “to save lives with direct humanitarian interventions and 760 million (about 718 million euros) that will be for food assistance in the medium and short term for help improve the resilience and productivity of food systems in the world, especially in vulnerable regions”.

The US government source blamed Russian President Vladimir Putin for “the vulnerability” that is being seen in different parts of the planet with regard to food security. “His actions have strangled food and agricultural production, he has used food as a weapon of war,” the official said, citing as examples the destruction of agricultural warehouses in Ukraine by Russia, as well as the theft of grain and the blockade. of Ukrainian ports.

(With information from EFE)


The US will impose visa restrictions on about 500 Russian officials due to the invasion of Ukraine

At least 15 dead and more than 50 injured in eastern Ukraine due to Russian attacks