[Asia Economy Reporter Lee Hyun-woo] The Group of Seven (G7) summit concluded after a three-day schedule. The G7 leaders are expected to announce through a joint statement that they have agreed to pursue a price cap on Russian crude oil.
According to AFP on the 28th (local time), the G7 leaders reportedly agreed during the final day of the summit to push for the introduction of a price cap on Russian crude oil. The G7 leaders decided to review measures for implementing the price cap through consultations with relevant countries, third parties, and the private sector.
The G7 countries plan to disclose details about the push for the Russian crude oil price cap and related measures in a joint statement scheduled for release that day. The goal of introducing the price cap is to prevent Russia from profiting from the sharp rise in energy market prices and to help ease tensions in the energy market. The G7 leaders also announced that they had agreed to pursue a ban on Russian gold imports.
In the joint statement, the G7 also condemned China’s distorted trade practices and pledged to provide $5 billion (approximately 6.4 trillion won) to address the global food insecurity spreading worldwide following Russia’s invasion of Ukraine.
Before the final summit meeting, five leaders?U.S. President Joe Biden, U.K. Prime Minister Boris Johnson, French President Emmanuel Macron, German Chancellor Olaf Scholz, and Italian Prime Minister Mario Draghi?held a separate five-party meeting. After completing all final summit schedules, the leaders are expected to participate in the NATO summit to be held in Madrid, Spain.
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