You can watch DW TV’s live coverage of the G7 summit in this article or on
In closing statements at the G7 summit, German Chancellor Olaf Scholz, the summit’s host, said that the world’s seven leading economies stand together in support of Ukraine and that G7 countries will raise the cost of the war for Russia.
“We support the country in its defense and offer it a perspective for the future,” Scholz said.
The leaders of the G7 wrapped up the three-day summit Tuesday in the Bavarian Alps with commitments to further pressure Russia over its war in Ukraine, while addressing a looming food crisis caused by blocked food supplies.
Plan to cap Russian oil prices
US officials, speaking to reporters on condition of anonymity ahead of the release of the summit’s closing statements, said that the G7 countries agreed to develop a mechanism to cap prices of Russian oil to lower Moscow’s profits from surging oil prices.
Leaders of the G7 will task ministries to “work urgently towards developing, consulting with third countries and the private sector in an effort to develop a price cap around oil,” a senior US official said.
The plan would involve pegging financial services, insurance and shipping to a capped price on Russian oil, forcing those who use these services to pay the set, lower price for the oil, according to Reuters news agency.
Although sanctions have reduced Russian export volumes, Russian revenues climbed in May, according to the International Energy Agency. India and China have also significantly increased their purchases of Russian crude since the war began, giving Moscow an alternative source of revenue and potentially complicating any plan on price caps.
Russia’s war in Ukraine is also expected to dominate the NATO summit in Madrid, where most of the G7 leaders will head to from Germany.
G7 plans to avert huger crisis
As the Ukraine war has halted global grain exports, threatening a hunger crisis, officials also said Tuesday that G7 leaders will pledge $4.5 billion (€ 4.2 billion) to boost global food security.
With Ukraine’s ports blocked, wheat, sunflower oil, corn is being kept from the global market, increasing overall food prices. Experts and aid groups have warned parts of Africa could soon experience famine as foodstuffs run out.
A US official said the plan involves “support efforts in over 47 countries” to “help save lives through direct humanitarian interventions” and “enhance the resilience and productivity of food systems around the world, particularly in vulnerable regions.”
Germany wants a global ‘climate club’
German Chancellor Scholz has pushed for creating a so-called climate club, in which countries that agree on ambitious climate targets become spared from tariffs.
“We need more ambition to achieve our climate targets,” Scholz said in his closing statements.
In a joint statement released by Germany Monday, which included five developing guest nations like India and South Africa, leaders emphasized a “clean and just energy transition” that reduces use of fossil fuels without exacerbating unemployment.
“Climate protection can be a competitive edge and not a drawback,” Scholz said.
wmr/fb (Reuters,dpa, AFP, AP)
The post German Chancellor Olaf Scholz calls for ‘Marshall plan’ for Ukraine as G7 summit wraps up appeared first on Deutsche Welle.
