ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
International relations

G-7 promises to tighten squeeze on Russia finances

Nations eye Russia oil price cap, pledge to stand with Ukraine 'as long as it takes'

Indonesian President Joko Widodo and U.S. President Joe Biden, front row center, attend the G-7 summit in Germany on June 27.   © Reuters

SCHLOSS ELMAU, Germany (Reuters) -- The Group of Seven club of wealthy nations on Monday vowed to stand with Ukraine "for as long as it takes," promising to tighten the squeeze on Russia's finances with new sanctions that include a proposal to cap the price of Russian oil.

The announcement came after Ukraine's President Volodymyr Zelenskyy, addressing G-7 leaders at their summit in the Bavarian Alps via a video link, asked for weapons and air defenses to gain the upper hand in the war against Russia within months.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more