At the end of their three-day meeting on Tuesday, the leaders of the Group of Seven (G7) countries agreed to “continue to inflict harsh and urgent economic repercussions” on Russia.
No concrete actions were mentioned, but they claimed to be attempting to put a “price ceiling” on Russian oil. At the summit’s last news conference on Tuesday, German Chancellor Olaf Scholz indicated that such a cap “would need a lot of effort.”
The G7 nations “jointly assume” their obligation to “found solutions to pressing global concerns” like climate change, skyrocketing energy prices, and food shortages, according to the communique from the leaders.
The G7 leaders also spoke about the situation in the international economy, the food crisis, and the confrontation between Russia and Ukraine.
To organize international “climate club” initiatives, Scholz put out a proposal. By the conclusion of this year, G7 leaders have decided to establish this club.
According to a joint G7 statement released on Tuesday, this club, an intergovernmental platform, “shall be inclusive in nature and open to nations that are committed to the full implementation of the Paris Agreement and the decisions thereunder.”
German anti-G7 protests have been organized to express opposition to the efforts of a small group of wealthy nations to resolve world problems.