The United States announced at the 48th Group of Seven (G7) summit on Monday that it and its allies are planning additional sanctions and other actions to help support Ukraine in its war against Russia.
During a virtual meeting, Ukrainian President Volodymyr Zelenskyy told G7 leaders that he wants the war to be over by the end of the year, as leaders prepare to curb Russian oil earnings and provoke unfavorable financial circumstances to help end the conflict.
Zelenskyy assessed where the war was headed via video conference during a morning session from the Schloss Elmau castle in Germany’s Bavarian Alps.
“Zelenskyy was very much focused on trying to ensure that Ukraine is in as advantageous a position on the battlefield as possible in the next months as opposed to the next years because he believes that a grinding conflict is not in the interest of the Ukrainian people,” said Jake Sullivan, a U.S. national security adviser.
This year’s summit defined its “most important mission” as sustaining support for Ukraine while easing economic pressures in their own nations. The leaders said they still want to see a change in the momentum of the fighting and bring a quick end to the conflict.
To accomplish those goals, G7 countries are looking to restrict the price of Russian oil. The move is intended to deny Russia revenue that has increased with a global spike in fuel prices.
It was uncertain whether leading consumers of Russian oil would consent to a cap, but U.S. officials were confident the plan could be implemented. The leaders also disclosed a ban on new imports of Russian gold.
Adding to the more than 1,000 people and organizations already sanctioned, the U.S. said it would execute measures on hundreds of businesses in several nations and set tariffs on hundreds of Russian goods.
Washington, D.C. also said the G7 was issuing a statement of support for Ukraine along with a list of the new sanctions.
President Biden highlighted the importance of the nations uniting against Russian President Vladimir Putin.
“Putin has been counting on, from the beginning, that somehow NATO and the G7 would splinter,” Biden said. “But we haven’t, and we’re not going to.”
A senior U.S. administration official added, “The goal here is to starve Russia, starve Putin of his main source of cash and force down the price of Russian oil to help blunt the impact of Putin’s war at the pump.”
The official indicated that G7 governments could help apply the price cap through the influence of oil transport networks.
British Prime Minister Boris Johnson encouraged the West to persevere in redressing Moscow, despite the impact the conflict has had on oil prices worldwide.
“I would just say to people in the United States that this is something that America historically does and has to do, and that is to step up for peace and freedom and democracy,” Johnson said. “And if we let Putin get away with it, and just annex, conquer sizable parts of a free, independent, sovereign country, which is what he is poised to do … then the consequences for the world are absolutely catastrophic.”
Russia was removed from the then-G8 in 2014 after annexing the Ukrainian territory of Crimea.