G7 to Hike Sanctions on Russia Including Oil Price Cap Deal

The announcements came as the White House said Russia had defaulted on its foreign sovereign bonds for the first time in a century—an assertion Moscow rejected.

Angelo Amante and John Irish, Reuters

The Group of Seven (G7) club of wealthy nations on June 27 vowed to stand with Ukraine “for as long as it takes,” promising to tighten the squeeze on Russia’s finances with new sanctions that include a proposal to cap the price of Russian oil.

The announcement came after Ukraine’s President Volodymyr Zelenskiy, addressing G7 leaders at their summit in the Bavarian Alps via a video link, asked for weapons and air defenses to gain the upper hand in the war against Russia within months.

The G7 statement aimed to signal that its members were ready to back Ukraine for the long haul, at a time when soaring inflation and energy shortages—fueled by Russia's invasion—have tested the West’s sanctions resolve.

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