Hours before the start of the three-day G7 summit, a German government official revealed that the group’s leaders were holding “very constructive” talks on the possibility of restricting oil imports from Russia.
The proposal is part of a broader G7 debate on how to increase pressure on the Kremlin because of its military operation in Ukraine without provoking global inflationary pressures.
The official added that the Group of Seven is also discussing the need to combine ambitious climate goals with the need for some countries to explore new gas fields at a time when Europe is seriously seeking to end its dependence on Russian gas imports.
Russia’s military operation in Ukraine, energy and food shortages, and a bleak global economic outlook are expected to be on the agenda at this year’s summit at the Alpine Palace in southern Germany.
The United States, Canada and the United Kingdom have previously banned Russian oil imports, while EU leaders have agreed to a ban until the end of 2022 as part of sanctions against the Kremlin over military operations. This country will apply. In Ukraine.
Due to high energy prices, the West fears that such sanctions will not have a real impact on Russia, as Moscow will make even more profits from exports by reducing exports.
Officials say setting a price cap could solve the problem while preventing further restrictions on oil supply and rising inflation, but would require the approval of major importers such as India and China.
Source: Lebanon Debate
