G7 to work to ‘develop a price cap’ on Russian oil: US official

G7 leaders have agreed to work on a price cap for Russian oil, a US official said on Tuesday, as part of efforts to cut the Kremlin’s revenues. Group of Seven leaders will “task ministers to work urgently towards developing, consulting with third countries and the private sector in an effort to develop a price […]

US implements G7 sanctions targeting Russian military, gold

Washington announced steps Tuesday to implement the new sanctions on Russia as agreed by G7 leaders, targeting Moscow’s defense industry, raising tariffs and banning gold imports from the country. The latest moves “strike at the heart of Russia’s ability to develop and deploy weapons and technology used for Vladimir Putin’s brutal war of aggression against […]

G7 takes aim at China over ‘market-distorting’ practices

by Hui Min NEO / Sebastian Smith G7 leaders on Tuesday condemned China’s “non-transparent and market-distorting” international trade practices in an end-of-summit statement billed as “unprecedented” by the United States. The statement, which also pledged to reduce “strategic dependencies” on China, came hours before the leaders join a larger group of their counterparts at a […]

G7 touts $600B global infrastructure plan to rival China

by Sebastian Smith The G7 group of rich democracies on Sunday announced an attempt to compete with China’s formidable Belt and Road Initiative by raising some $600 billion for global infrastructure programmes in poor countries. The Partnership for Global Infrastructure and Investment, unveiled with fanfare by US President Joe Biden and G7 allies from Canada, […]