Tag Archives: G7 Countries

Finance ministers and central bank governors from the Group of Seven democracies agreed during a meeting in western Canada that Russia could face further sanctions if it resists a push toward a cease-fire in its war in Ukraine. The G7 finance chiefs condemned Russia’s “brutal war” in a communique on …

Ukraine is urging the G7 to slash the price cap on Russian oil to $30 per barrel, down from the current $60, in a bid to tighten the financial screws on the Kremlin as its war drags into a third year. Foreign Minister Andriy Sybiha made the case in Brussels …

The Group of Seven is considering collectively tightening an oil price cap on Russian petroleum in an effort to cut Moscow’s oil revenues as the war in Ukraine rages on, Bloomberg has revealed. A draft statement seen by Bloomberg shows that these nations could task their finance ministers to collectively …

G7 leaders are expected to announce on Wednesday a ban on Russian diamonds and measures to manage some 300 billion euros ($323.58 billion) in immobilised Russian central bank assets and the G7 oil price cap, sources familiar with the matter said. G7 leaders are having a virtual meeting later on …

France’s president encouraged G7 countries on Friday to stop using coal by 2030. Emmanuel Macron enumerated several key points to improve the fight against climate change during an address to the United Nations Climate Change Conference COP28 in Dubai. The “primary priority” for the most developed countries is to end …

Japan will work with the G7 and support the imposition of US sanctions placed on the Artic LNG 2 project in Russia last week. Yasutoshi Nishimura, Japan’s Minister of Economy, Trade and Industry, affirmed this position on Tuesday but said it will inevitably have an impact on business. Japan’s Mitsui …

Trade and economy officials from the Group of Seven wealthy democracies strengthened their pledge Sunday to work together to ensure smooth supply chains for essentials like energy and food despite global uncertainties. The nations promised to maintain “a free and fair trading system based on the rule of law and …

The price of Russia’s flagship oil may have jumped above a Group of Seven imposed cap but that has done little to impede the provision of western services for the trade. The number of ships calling at the nation’s ports that are either western owned or insured has fallen slightly …

G7 leaders have agreed that public investment in natural gas can be appropriate as a “temporary response” to the energy crisis caused by Russia’s war in Ukraine and that LNG in particular has an “important role” to play. At their summit meeting in the Japanese city of Hiroshima, they stressed …

There will be no significant effect on oil prices from stricter enforcement of the price cap on Russian oil exports as supply will not change meaningfully. This is according to the International Energy Agency, which commented on a statement made by the G7 during their meeting this weekend. “Any significant …