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G7 summit concludes, pledging new sanctions on Russia

Representatives at G7 summit. Photo via @Bundeskanzler

Elmau, Germany | Xinhua | The leaders of the Group of Seven (G7) nations vowed to “continue to impose severe and immediate economic costs” on Russia at the conclusion of their three-day summit on Tuesday.

They said they were seeking to impose a “price cap” on Russian oil, but no specific measures were announced. Such a cap “will need a lot of work,” German Chancellor Olaf Scholz said at the summit’s closing press conference on Tuesday.

The leaders’ communique said that the G7 countries “jointly assume” their responsibility to “find solutions to pressing global challenges,” such as climate change, soaring energy prices and food shortages.

The G7 leaders also discussed the Russia-Ukraine conflict, the state of the world economy and the global food crisis.

Scholz presented his proposal to create an international “climate club” to coordinate climate actions. G7 leaders have agreed to set up this club by the end of this year.

This club, an intergovernmental forum, “will be inclusive in nature and open to countries that are committed to the full implementation of the Paris Agreement and the decisions thereunder,” according to a joint G7 statement issued on Tuesday.

Anti-G7 activists have held demonstrations in Germany, voicing their opposition to the attempt by a small group of rich countries to solve global issues.

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Xinhua

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