G7 vows to stick with Ukraine — but grasps at solutions

German Chancellor Olaf Scholz during his closing news conference on the final day of the Group of Seven leaders summit at the Schloss Elmau luxury hotel in Elmau, Germany, on June 28 2022. Picture: BLOOMBERG/LIESA JOHANNSSEN-KOPPITZ

“We will continue to impose severe and immediate economic costs on President Putin’s regime for its unjustifiable war of aggression against Ukraine,” the G7 said in its final statement released on Tuesday. There were strong words of condemnation for Moscow compounding food insecurity, and an additional $4.5bn was announced for those most at risk of hunger and malnutrition. Yet leaders were able only to “reiterate our urgent call upon Russia” to end its blockade of Ukraine’s Black Sea grain ports, which is at the root of the problem.

French President Emmanuel Macron hailed the oil cap as a good idea and advocated a cap on Russian gas, too, but said the challenge of implementing it is technical. Ministers were not instructed to flesh it out so much as told “to continue to discuss these measures urgently”. Yellen welcomed the conclusions as a “significant step” regardless, adding that the US will work with allies to advance the efforts.

“In these exceptional circumstances, publicly supported investment in the gas sector can be appropriate as a temporary response, subject to clearly defined national circumstances, and if implemented in a manner consistent with our climate objectives,” the leaders said. There is “no legal basis for China’s expansive maritime claims in the South China Sea”, they said, reminding Beijing of the need to uphold its obligations under international law and to “abstain from threats, coercion, intimidation measures or use of force”.

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