G7 contemplates energy cap to ward off costs

Nations continue coordination

clock • 1 min read
Third day of meetings at Schloss Elmau.
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Third day of meetings at Schloss Elmau.

Leaders of the world’s wealthiest countries meet for the third day in Bavaria, amid debates around the possible introduction of a temporary price cap on Russian energy imports to combat the cost crisis and prevent a global recession.

Nations are exploring further sanctions to halt spiralling costs, and reduce Russian revenues as the US continues to drive a policy that would place a cap on the price of Russian oil. Recessionary fears accelerate as the four-month war in Ukraine continues to push up the price of oil and gas, and food. The move comes as nation leaders condemn the "indiscriminate attacks on civilians and civilian infrastructure" that "have caused immeasurable human suffering and loss of life". Yesterday Russia launched a missile strike on a shopping mall in the Ukrainian city of Kremenchuk. Leade...

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