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G7 agrees to use Russia trade tariffs to fund Ukraine: US

"Ensure that Moscow pays for the cost of its war"

27 June, 12:14
(ANSA-AFP) - ELMAU, JUN 27 - G7 nations on Monday ratcheted up economic pressure against Moscow with progress in talks on capping Russian oil prices and new sanctions hobbling Russia's defence industry. A senior US official told reporters that negotiations on how to cap the amount of money the Russians can get for their key oil exports were advancing. "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, speaking on condition of anonymity. 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 White House also unveiled new measures to hamper Russia's ability to resupply the weaponry used in its onslaught against neighbouring Ukraine. (ANSA-AFP).

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