Russia-Ukraine War: G7 Leaders Vow to Punish Russia, Starve It of Oil Money

Russia-Ukraine War: G7 Leaders Vow to Punish Russia, Starve It of Oil Money

  • Leaders of the seven biggest economies, otherwise known as G7, have vowed to deprive Russia of revenue from its oil
  • The leaders spoke as Ukrainian President Volodymyr Zelensky addressed them virtually on Monday, 27 June
  • The leaders said that they are working out details of how to make Russia pay for the war, crimes and human rights abuses on Ukraine

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The G7 leaders in Germany have pledged to work to starve Russia of oil money and revenue to mitigate the economic impact of the war.

Ukrainian President Volodymyr Zelensky told the leaders that he wants the war to end during a virtual meeting held on Monday, 27 June, according to CNN, which quoted a source.

Read also

Russia demands Ukraine surrender as G7 vows to make Moscow pay

Zelensky, Russia, Ukraine, G7
G7 leaders have resolved to deal with Russia by starving the country of oil revenue. Credit: Pool / Pool
Source: UGC

G7 leaders move to cap price of Russian oil

The leaders of the most advanced economies in the world are facing their own political interests, but are united in their resolve to make Russia pay for the unprovoked attack on Ukraine as they see a shift in the fighting.

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Due to this, the leaders are close to a treaty to try to limit the price of Russian oil, robbing the Vladimir Putin-led country of revenues.

The leaders are still working out the details of whether the top buyers of Russian oil will band together to limit the country’s sale of oil.

As the war in Ukraine rages on, the issue of how to halt it has been a major discussion at the G7 gathering. Zelensky’s projection was a clear indication of how he sees the war and where it's headed.

Read also

As Ukraine fallout worsens, G7 seeks to woo fence-sitters

US continues to support Ukraine

According to a top adviser to the US president, Joe Biden said the resilient Zelensky was concentrated on regaining momentum in Ukraine in the coming months as he spoke to the leaders, a CNN report said.

The US is expected to announce that it has acquired a new advanced medium-to-long-range missile defence system that Ukraine has requested as well as new shipments of ammo and radar systems.

AP said that the G7 leaders also plan to announce a long set of new economic sanctions against Russia, as they claim that Russia has committed human rights abuses and war crimes.

EU insurance ban targets Russian oil exports

In a related matter, Briefly News also reported an EU ban on insuring ships transporting Russian oil could potentially hurt Moscow more than its embargo on the nation's crude, analysts say. The European Union recently unveiled the insurance ban in a sixth set of economic sanctions aimed at punishing Russia over its invasion of Ukraine.

Read also

Zelensky to press G7 for more help as war rages

In a further knock, G7 leaders are seeking a price cap for Russian oil to further hurt Kremlin revenues. The EU insurance and reinsurance ban, covering all maritime transportation of Russian oil, comes as Moscow seeks to ramp up sales to China and India to help offset the embargo.

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