G7 vows to crack down on parties evading the Russian price cap system
The leaders of the Group of Seven nations vowed over the weekend to crack down on parties evading the price cap system put in place on Russian oil, with the US following the UK in introducing further sanctions, many aimed at Russian-linked shipping entities.
The G7 will enhance efforts to counter evasion of the caps “while avoiding spillover effects and maintaining global energy supply,” the group said on Saturday, without giving details.
The G7 includes Japan, the United States, the United Kingdom, France, Germany, Canada and Italy, as well as the European Union. Also included in the weekend’s talks in Japan were Ukrainian president Volodymyr Zelenskyy, who was seen sat down next to another special guest, Narendra Modi, India’s prime minister, and one of the major buyers of Russian oil in the 15 months since the invasion of Ukraine began.