G7 gears up to broaden sanctions on Russia, set fuel price cap, raise tariffs
Jun 28, 2022
G7 nations ratcheted up economic pressure against Moscow on Monday with progress in talks on capping Russian oil prices and new sanctions hobbling Russia’s defense industry.
A senior US official told reporters that negotiations on how to cap the amount of money the Russians can get for their key oil exports were advancing.
US President Joe Biden and other G7 leaders “will seek authority to use revenues collected by any new tariffs on Russian goods to help Ukraine and to ensure that Russia pays for the cost of its war,” the senior US official told reporters.
