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G-7 set to back pursuing Russian oil price cap, tariff hikes

Added 06-27-22 05:35:02am EST - “The Group of Seven economic powers are set to commit themselves to supporting Ukraine for the long haul, with the U.S. preparing to announce the purchase of an advanced surface-to-air missile system for Kyiv. Leaders are also set…” - Washingtontimes.com

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Posted By TheNewsCommenter: From Washingtontimes.com: “G-7 set to back pursuing Russian oil price cap, tariff hikes”. Below is an excerpt from the article.

ELMAU, Germany (AP) — The Group of Seven economic powers are set to commit themselves to supporting Ukraine for the long haul, with the U.S. 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 who spoke on the condition of anonymity to preview the announcements from the G-7 leaders’ summit.

The largest democratic economies will also commit to raising tariffs on Russian imports to their countries, with the U.S. announcing new tariffs on 570 categories of goods, as well as the use of sanctions to target Russia’s defense supply chains that support its effort to rearm during the war.

Biden is set to announce that the U.S. is providing an advanced surface-to-air missile system to Ukraine, as well as additional artillery support, according to a person familiar with the matter, in the latest assistance meant to help the country defend against Russia’s bloody invasion.

The U.S. is purchasing NASAMS, a Norwegian-developed anti-aircraft system, to provide medium- to long-range defense, according to the person, who spoke on the condition of anonymity. NASAMS is the same system used by the U.S. to protect the sensitive airspace around the White House and U.S. Capitol in Washington.

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