More efforts & new aid for Ukraine: G7 leaders

Elmau: Leading economic powers conferred by video link with Ukrainian President Volodymyr Zelenskyy on Monday as they underscored their commitment to Ukraine for the long haul with plans to pursue a price cap on Russian oil, raise tariffs on Russian goods and impose other new sanctions.

In addition, the US was preparing to announce the purchase of an advanced surface-to-air missile system for Kyiv to help Ukraine fight back against Vladimir Putin’s aggression. The US was also preparing to announce the purchase of an advanced surface-toair missile system for Kyiv. The new aid and efforts to exact punishment on Moscow from the Group of 7 leaders come as a Zelenskyy has openly worried that the West has become fatigued by the cost of a war that is contributing to soaring energy costs and price hikes on essential goods around the globe.

Leaders were finalising the deal to seek a price cap during their three-day G-7 summit in the German Alps. The details of how a price cap would work, as well as its impact on the Russian economy, were to be resolved by the G-7 finance ministers in the coming weeks and months, according to a senior administration official spoke on the condition of anonymity to preview the announcements from the summit.

The largest democratic economies will also commit to raising tariffs on Russian imports to their countries, with the US announcing new tariffs on 570 categories of goods, as well as use of sanctions to target Russia’s defense supply chains that support its effort to rearm during the war.

Biden is expected to announce the US, is purchasing NASAMS, a Norwegian-developed anti-aircraft system, to provide mediumto long-range defence, according to the person familiar with the matter, who spoke on the condition of anonymity. NASAMS is the same system used by the US to protect the sensitive airspace around the White House and US Capitol in Washington.

Additional aid includes more ammunition for Ukrainian artillery, as well as counter-battery radars, to support its efforts against the Russian assault in the Donbas, the person said. Biden is also announcing a $7.5 billion commitment to help Ukraine’s government meet its expenses, as part of a drawdown of the $40 billion military and economic aid package he signed into law last month.

The G-7 leaders began Monday’s session of their three-day summit with a focus on Ukraine. Later, they will be joined by the leaders of five democratic emerging economies — India, Indonesia, South Africa, Senegal and Argentina — for a discussion on climate change, energy and other issues. —AP