Leaders from the Group of Seven wealthiest democracies said they would urgently explore price caps on Russian oil and gas “to prevent Russia from profiting from its war of aggression”. However, they did not impose any new energy sanctions as their summit concluded in Germany.
Russia’s ongoing assault on Ukraine dominated discussions, with intense discussions between the US, Britain, Canada, France, Germany, Italy and Japan over how to curb Moscow’s ability to finance the war through selling fossil fuels.
The G7 leaders also agreed to contribute $4.5 billion (about R72bn) to address global food security, with over half the money coming from the US.
“We have a period of uncertainty before us, it will be challenging, and that’s why decisiveness is important,” German Chancellor Olaf Scholz said in closing remarks,…