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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.

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