G7 leaders will commit to a package of co-ordinated measures aimed at exerting more pressure on Russia and finalise plans for a global price cap on Russian oil, a senior US official has said.
The heads of the Group of Seven rich democracies are in Germany for their annual summit, which is dominated by the question of a unified respond to Russia’s war in Ukraine.
The aim of the group is to starve Russian President Vladimir Putin's government of the main source of financing for its war, which comes from oil, a US official told reporters on the sidelines of the summit at Elmau Castle in Kruen, Bavaria.
“We're still in final discussions with other G7 counterparts working to finalise this, but we're very close to a place where G7 leaders will have decided to urgently direct relevant ministers to develop mechanisms to set a global price cap for Russian oil,” the official told reporters.
The goal of the plan is to starve the Kremlin of its “main source of cash and force down the price of Russian oil”.
“The dual objectives of G7 leaders have been to take direct aim at Putin's revenue, particularly through energy, but also to minimise the spillovers and the impact on the G7 economies and the rest of the world,” the official said.
As the invasion of Ukraine enters its fifth month, western nations are ready to increase the pressure on Russia without pushing up already high inflation that is causing pain, particularly for the global south.
The price cap proposed by the G7 is intended to throw a spanner into the Kremlin’s works while lowering energy prices.
G7 leaders will also make an “unprecedented, long-term security commitment to providing Ukraine with financial, humanitarian, military and diplomatic support as long as it takes,” a White House fact sheet said. This includes the timely provision of advanced weapons.
Britain’s Prime Minister Boris Johnson praised the unity of western leaders on responding to Russia’s war in Ukraine.
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Britain's Prime Minister Boris Johnson, US President Joe Biden, German Chancellor Olaf Scholz, France's President Emmanuel Macron and Italian Prime Minister Mario Draghi chat before their meeting at Elmau Castle on Tuesday morning. Getty Images -
Olaf Scholz speaks at a press conference at Elmau Castle. EPA -
Joe Biden waves as he crosses the tarmac next to Air Force One at Munich International Airport. The US president is leaving Germany on his way to Spain to attend a Nato summit. AP -
Boris Johnson speaks to press at the G7 summit. PA -
Emmanuel Macron holds a press conference at Elmau Castle. AFP -
Vans equipped with electronic detection devices are stationed in front of Elmau Castle, where the G7 summit is taking place. AFP -
Boris Johnson makes a point during a meeting with the Prime Minister of Japan Fumio Kishida. PA -
Clockwise from centre: Olaf Scholz; Joe Biden; Boris Johnson; Fumio Kishida; European Commission President Ursula von der Leyen, European Council President Charles Michel; Mario Draghi; Canada's Prime Minister Justin Trudeau, and Emmanuel Macron listen to an online address by Ukraine's President Volodymyr Zelenskyy at the G7 summit in Bavaria. Reuters -
Volodymyr Zelenskyy attends a working session of G7 leaders via video link from Kyiv, Ukraine. Reuters -
Olaf Scholz waves alongside G7 leaders and participants of the outreach programme as they pose for a 'family photo' at the Bavarian resort of Schloss Elmau. Reuters -
Emmanuel Macron greets India's Prime Minister Narendra Modi during the official welcome ceremony of G7 leaders. AP -
G7 leaders meet outreach guests at the summit. Reuters -
Boris Johnson speaks to Charles Michel. PA -
Amelie Derbaudrenghien, Britta Ernst, Carrie Johnson and Brigitte Macron at Elmauer Alm Mountain Restaurant. Reuters -
G7 leaders Olaf Scholz and Justin Trudeau talk a walk at Elmau Castle in Bavaria. EPA -
European Council President Charles Michel greets Japanese Prime Minister Fumio Kishida on the sidelines of the G7 summit at Castle Elmau in Bavaria. AP -
Horseback police patrol at Elmau Castle in Bavaria. EPA -
G7 leaders have dinner at Elmau Castle in Kruen, Germany. Clockwise from front left, European Council President Charles Michel, Italy's Prime Minister Mario Draghi, Canada's Prime Minister Justin Trudeau, French President Emmanuel Macron, German Chancellor Olaf Scholz, US President Joe Biden, British Prime Minister Boris Johnson, Japan's Prime Minister Fumio Kishida and European Commission President Ursula von der Leyen. AP -
From left, Mr Draghi, Ms von der Leyen, Mr Biden, Mr Scholz, Mr Johnson, Mr Trudeau, Mr Kishida, Mr Macron and Mr Michel. AFP -
Flowers for President Alberto Fernandez of Argentina at Munich Airport as he arrives to take part in the G7 summit in Bavaria. AFP -
Elmau Castle in southern Germany, the venue for the G7 summit. AFP -
The view from a German armed forces helicopter on its way to the G7 summit at Elmau Castle. AFP -
Gazing out from the helicopter. AFP -
In Berlin, campaigners sit near a sign reading 'G7: Who owes who?' at the Ministry of Finance building to demand debt relief for countries of the global south. Reuters -
From left, Mr Michel, Mr Draghi, Mr Trudeau, Mr Macron, Mr Scholz, Mr Biden, Mr Johnson, Mr Kishida and Ms von der Leyen at the summit at Elmau Castle. EPA -
Mr Draghi talks with Mr Biden. EPA -
Mr Scholz shakes hands with Mr Kishida. EPA -
Mr Johnson, Mr Scholz and Mr Biden. AFP -
A worker cleans the red carpet at Elmau Castle in the Bavarian mountains. AFP -
Mr Kishida leads the Japanese delegation. AFP -
The G7 logo at Elmau Castle. AFP -
Mr Biden and Mr Macron. AP -
The leaders at a photocall. Reuters -
Mr Biden walks with Ms von der Leyen and Mr Michel. Reuters -
Former German alpine ski racer Christian Neureuther, British Prime Minister's wife Carrie Johnson, former German biathlete Miriam Neureuther, French President's wife Brigitte Macron, German Chancellor's wife Britta Ernst and European Council President's wife Amelie Derbaudrenghien take part in a Nordic Walk as part of the spouses' programme. Reuters -
Mr Macron, Mr Biden, Ms von der Leyen and Mr Trudeau. AP -
Mr Draghi, Mr Trudeau, Mr Michel, Mr Scholz and Mr Johnson. AFP -
Ms von der Leyen chats with Mr Trudeau. AFP -
Mr Biden is welcomed by Mr Scholz and his wife Britta Ernst. AP -
The leaders get down to business. AP -
Mr Scholz and Ms Ernst welcome the Macrons. Reuters -
Mr Macron, Mr Biden and Ms von der Leyen. AP -
Mr Scholz greets Mr and Mrs Johnson. PA -
Mr Scholz and Ms Ernst welcome Ms von der Leyen to Elmau Castle. AFP -
Mr Johnson meets Mr Trudeau. PA -
A helicopter flies over the G7 venue. AP Photo
“What’s really struck me in the last few days had been the amazing consistency of our resolve, the continuing unity of the G7 that has absolutely, absolutely shone through in the conversation over the last couple of days,” Mr Johnson told BBC News at the summit.
He stressed the importance of the G7 offering support to help the Ukrainians rebuild their economy, export grain and be in a position to protect themselves.
“And that’s what we’re going to continue to do,” he said.
The prime minister said the situation in the eastern and southern regions of Ukraine remains difficult “but the Ukrainians have shown that they have incredible ability to push back and change the military position”.
During a round-table discussion at the summit on Sunday, G7 leaders poked fun at President Putin’s macho image.
As they sat down for their first meeting in the Bavarian Alps, Mr Johnson asked if their jackets should come off — or even if he should be bare-chested.
“We all have to show that we're tougher than Putin,” Mr Johnson said, to laughter from some of his colleagues.
Mr Putin has in the past been pictured shirtless while hunting on horseback.
