G7 pledges to support Ukraine indefinitely

Bloomberg reported on Sunday (June 26) that the G7 pledged to provide Ukraine with financial, humanitarian, military, and diplomatic support indefinitely and to stand with Ukraine, according to a draft statement of the leaders of the seven major industrialized nations (G7). The draft statement said the G7 leaders were also evaluating the possibility of using revenue from tariffs on Russian imports to support Ukraine. The Wall Street Journal reported on Sunday that officials said the G7 intends to expand sanctions on Russia by setting a price cap for Russian oil, the Kremlin's most lucrative export. The U.S.-proposed price cap for oil purchases, which the West and its allies would use to forge a coalition of buyers, would be finalized before the end of the summit on Tuesday, three officials said. The goal of the talks is to stabilize prices by allowing buyers such as India and China to buy Russian oil on the global market while creating a mechanism that Western countries can use to limit the proceeds of Russian oil sales. Italian Prime Minister Mario Draghi told a G7 summit meeting that a price cap would be effective against Russia because it would cut off Moscow's cash flow and reduce inflation, an official familiar with the negotiations said.