The Group of Seven economic powers are set to commit themselves to supporting Ukraine for the long haul, with the US preparing to announce the purchase of an advanced surface-to-air missile system for Kyiv. Leaders are also set to announce an agreement to pursue a price cap on Russian oil, raise tariffs on Russian goods and impose new sanctions on hundreds of officials and entities supporting the four month long war.
Leaders were finalizing the deal to seek a price cap during their three-day summit in the German Alps, where they conferred by video link with Ukrainian President Volodymyr Zelenskyy. The details of how a price cap would work, as well as its impact on the Russian economy, were to be resolved by the G-7 finance ministers in the coming weeks and months, according to a senior administration official spoke on the condition of anonymity to preview the announcements from the G-7 leaders’ summit.
