G7 leaders set to pursue Russian oil price cap, US to send anti-air missile system
G-7 leaders were finalizing the deal to seek a price cap during their three-day summit in the German Alps
The Group of Seven economic powers are planning a continued commitment to supporting Ukraine, with the U.S. preparing to purchase an advanced surface-to-air missile system for the country. The leaders are set to agree to pursue a price cap on Russian oil, raise tarrifs on Russian goods and impose new sanctions on officials supporting Russia's war on Ukraine.
The G-7 leaders met in the German Alps and spoke virtually with Ukrainian President Volodymyr Zelenskyy. During Monday's portion of the three-day annual summit, the leaders focused on Ukraine.
Russia's war on Ukraine, which was launched in late February, was already at the center of attention as G-7 leaders opened their summit on Sunday.
President Joe Biden said Russian President Vladimir Putin "has been counting on, from the beginning, that somehow NATO and the G-7 would splinter, but we haven’t and we’re not going to."
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British Prime Minister Boris Johnson urged the leaders not to cave to "fatigue."
Monday's session gives the leaders the opportunity to show Zelenskyy their unity commitment to supporting Ukraine.
Biden is prepared to announce that the U.S. is offering an advanced surface-to-air missile system and additional artillery support to Ukraine, according to a person familiar with the matter.
The U.S. is purchasing NASAMS, a Norwegian-developed anti-aircraft system to provide medium- to long-range defense. The missile system is the same one used by the U.S. to protect the sensitive airspace around the White House and U.S. Capitol.
More ammunition for Ukrainian artillery and counter-battery radars would also be included in aid to support Ukraine in its fight against Russian forces in the Donbas region.
The G-7 is already committed to assisting Ukraine's immediate financial needs. Finance ministers from the group agreed last month to give nearly $20 billion in economic aid to help the country keep basic services functioning and to ensure that a lack of finances would not hurt its defense against the Russians.
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A senior U.S. administration official said the U.S. and Europe are united in their goal for a negotiated end to the war, a commitment French president Emmanuel Macron and German Chancellor Olaf Scholz have tried to facilitate through active conversations with Putin and Zelenskyy while also providing arms to Ukraine.
The U.S. has largely cut off significant talks with Russia and looks to strengthen Ukraine’s battlefield capacity in an effort bolster its position at the negotiating table.
Enduring sanctions imposed on Russia in response to the war may ultimately come down to whether the G-7 and other world leaders can find methods to alleviate energy supply issues and surging prices once winter hits amid efforts to disengage from Russian fuel sources.
Italian prime minister Mario Draghi has pushed for caps on the price of Russian oil and pipeline gas, and at Sunday’s opening session, Macron indicated his support for the idea.
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"Putting a ceiling on the price of fossil fuels imported from Russia has a geopolitical goal as well as an economic and social one," Draghi told the G-7.
The Associated Press contributed to this report.