G7 reaffirm Russian energy phase out, support for Ukraine

Elmau, Germany, Jun 28 (EFE).- Leaders of the Group of Seven nations on Tuesday reaffirmed their commitment to phasing out Russian energy imports and supporting Ukraine for as long as necessary.

“We reaffirm our commitment to phase out our dependency on Russian energy,” the G7 said in a statement published at the end of a summit in Elmau in southern Germany.

The G7, which brings together the world’s most developed economies, said it would explore imposing a price cap on Russian oil to prevent the Kremlin from profiting from its war in Ukraine.

“We will consider a range of approaches, including options for a possible comprehensive prohibition of all services, which enable transportation of Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners,” the communiqué read.

“We invite all like-minded countries to consider joining us in our actions,” it added.

The group said that it would explore further solutions to completely phase out Russian oil from domestic markets while ensuring the stability of global energy markets, especially in low and middle income countries.

The energy bans and increased sanctions are the latest measures agreed in response to Russia’s “unjustifiable war of aggression against Ukraine”, as the group pledged to “continue to impose severe and immediate economic costs on President Putin’s regime for its, while stepping up our efforts to counter its adverse and harmful regional and global impacts”.

“Russia cannot and must not win,” French president Emmanuel Macron said at the end of the summit in Germany.

“Our support for Ukraine and our sanctions against Russia will be maintained as long as necessary and with the necessary intensity during the coming weeks and months,” he added.

Germany chancellor Olaf Scholz, who hosted the summit in Bavaria, said the G7 stood “closely and steadfastly” with Ukraine and that the group would draft a “Marshall Plan” to provide Ukraine with reconstruction and recovery funds.

The leaders of the seven richest countries also committed to allocating an additional $4.5 billion (4.2 billion euros) to tackle global food insecurity which they said Russia bore “enormous responsibility” for.

“We commit to an additional $4.5 billion to protect the most vulnerable from hunger and malnutrition, amounting to a total of over $14 billion as our joint commitment to global food security this year.

“We reiterate our urgent call upon Russia to, without condition, end its blockade of Ukrainian Black Sea ports, destruction of key port and transport infrastructure, grain silos and terminals, illegal appropriation by Russia of agricultural commodities and equipment in Ukraine and all other activities that further impede Ukrainian food production and exports,” it said.

The group said it would step up its efforts to help Ukraine produce its agricultural yield in the next harvest season and keep supporting Ukrainian farmers.

“We are strongly supporting Ukraine in resuming its agricultural exports to world markets, as well as UN efforts to unlock a safe maritime corridor through the Black Sea,” the G7 said. EFE


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