G7 leaders order exploration of Russian gas cap

The leaders of the Group of Seven are expected to announce on the closing day of their three-day summit in the Bavarian Alps that they will instruct ministers to consider introducing a price cap on Russian gas.

The Rich Nations Club’s move is part of a broader push to choke off the profits Russia makes from energy exports that help fund its war against Ukraine, the dominant issue at the gathering. In their final communiqué later Tuesday, leaders are also expected to mention a mechanism to cap Russian oil prices.

German Chancellor and summit host Olaf Scholz and his fellow leaders have released a statement condemning what they say is “disgusting” by Russia’s rocket attack on a shopping mall in central Ukraine on Monday, which killed at least 18 and wounded dozens became.

In their statement on the Kremenchuk attack, G7 leaders said that “indiscriminate attacks on innocent civilians constitute a war crime” and pledged that Russian President Vladimir Putin and those responsible would be held accountable.

“We will continue to provide financial, humanitarian and military assistance to Ukraine for as long as it is needed,” the statement said.

US Treasury Secretary Janet Yellen is urging European counterparts to take action to enforce a price cap on Russian oil, a move officials in Washington hope will keep global supplies going while limiting Moscow’s revenues.

Yellen spoke on Monday to Constantinos Petrides, the finance minister of Cyprus, a major maritime player that acts as Europe’s largest ship management center. The two “discussed the goal of setting a price cap on Russian oil in order to deprive the Kremlin of revenue to finance its war in Ukraine, while mitigating spillovers to the global economy,” the Treasury Ministry said in a statement.

https://www.independent.ie/business/world/g7-leaders-to-order-exploration-of-cap-on-russian-gas-41797115.html G7 leaders order exploration of Russian gas cap

Fry Electronics Team

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