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 seven biggest economies otherwise known as G7 have vowed to deprive Russia of revenue from its oil
  • The leaders spoke as Ukrainian President, Volodymir Zelensky addressed them virtually on Monday, June 27, 2022
  • The leaders said that they are working out details of how to make Russia pay for the war, crimes and human right abuses on Ukraine

The G7 leaders in Germany have pledged to work to starve Russia of its oil money and revenues accruable from it in order to mitigate the economic impact of the war.

Ukrainian President, Volodymir Zelensky told the leaders that he wants the war to end during a virtual meeting held on Monday, June 27, 2022, according to CNN which quoted a source.

Zelensky, Russia, Ukraine, G7
G7 leaders resolve to deal with Russia Credit: Pool / Pool
Source: Getty Images

G7 leaders move to cap price of Russia

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 is headed.

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 which 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.

Moody's says Russia defaulted on debt reported that Moody's ratings agency has confirmed that Russia defaulted on its foreign debt for the first time in a century, after bond holders did not receive $100 million in interest payments.

The historic default follows a series of unprecedented Western sanctions that have increasingly isolated

Russia lost the last avenue to service its foreign-currency loans after the United States removed an exemption last month that allowed US investors to receive Moscow's payments.


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