Europe to blame for Nord Stream 1 shutdown, says Kermlin and warns of retaliation over G7 oil price cap; European gas prices rocket 30%, shares fall
By committing to finalising and implementing a price cap, the G7 will significantly reduce Russia's main source of funding for the war in Ukraine
The United States has said it is determined to enforce a price cap on Russian oil announced by the G7 countries. "A price cap on Russia oil is a powerful tool -- one part of the tool in our agenda to put downward pressure on global energy prices in a way that will benefit consumers in the US and globally," White House Press Secretary Karen Jean-Pierre told reporters during her daily news conference here Friday. "And we are determined to implement this policy in a way that achieves those goals," she said. Earlier in the day, G7 finance ministers announced a cap on the price of Russian oil, which they said would put pressure on global energy prices while denying Putin revenue to fund his brutal war in Ukraine. As per the announcement, the G7 countries, along with other allies and partners, plan to prohibit the provision of services that enable maritime transportation of such oil and products unless purchased at or below a price level determined by the coalition of countries adhering
The ministers from the club of wealthy industrial democracies confirmed their commitment to the plan after a virtual meeting
Once the G-7 support is official, diplomats will have to convince European Union member nations to amend its sixth round of sanctions on Russia over the invasion of Ukraine
The European Union, UK and Switzerland all plan to ban their companies from providing those services for Russian oil shipments beginning in December
The Group of Seven (G7) nations on Wednesday asked Russia to vacate Zaporizhzhya nuclear power plant in Ukraine citing a risk of a dangerous nuclear accident
"It gravely undermines China's sovereignty and territorial integrity, seriously tramples on the one-China principle, and severely threatens peace and stability across the Taiwan Strait."
They have committed to achieving a fully or predominantly decarbonised electricity sector by 2035, recognising that emissions from coal power generation is the single biggest cause of global warming
Group of Seven democracies have had positive and productive discussions with China and India about a plan to cap the price of Russian oil, a source familiar with the G7 discussions said
Explore measures to reduce price surges and prevent further impact on economies
The G7 is attempting to rally emerging countries, many with close ties to Russia, to oppose Russian President Vladimir Putin's invasion of Ukraine
Italian Prime Minister Mario Draghi has also supported the idea of a price ceiling for Russian gas, according to the French leader.
At the end of a three-day G7 summit in the Bavarian Alps, the leaders committed the $4.5 billion to protect the most vulnerable from hunger and malnutrition
Alt News co-founder Mohammed Zubair was arrested on Monday by the Delhi Police over a 2018 tweet
Officials have said during the summit that leaders of the major economies are preparing to unveil plans to pursue a price cap on Russian oil, and impose other new sanctions
Leaders of the powerful G7 grouping and its five partner countries, including India, have said that they are committed to open public debate and the free flow of information online and offline
'We will not recognise Russia's continued attempts to re-draw borders by force,' said G7 leaders
In an apparent reference to the Ukraine crisis, Modi noted that the G7 were meeting amid an atmosphere of global tension and asserted that India has always been in favour of peace
Leaders of G7 acknowledged the importance of national laws and regulations that are in place in each country to advance the principles and values of democracy