Analysis: A price cap on Russian oil and potential famine in Africa are among issues pressing for attention
A price cap on Russian oil, deferral of climate change commitments, a potential famine in Africa and the further supply of weapons toare to crowd into a meeting of G7 world leaders over the next three days held against the backdrop of the biggest geopolitical crisis since 1945.
A ban on new imports of Russian gold will be one new measure of solidarity with Ukraine, but the idea of a cap on Russian oil prices, backed by the US president, Joe Biden, has forced its way into the discussions as a visible means of slowing rampant inflation, one of the chief topics of conversation when the G7 leaders gathered for their first session over three days in the Bavarian Alps.
It is also unclear how key buyers of Russian crude such as China and India could be coaxed into complying with a price cap. One idea being floated by the US would be to make their access to shipping insurance for oil cargo dependent on not paying more than the agreed fixed cap for the oil onboard. The EU has agreed to ban insurance for the transportation of crude and petroleum products from Russia.
EU states are due to have replenished its reserves to 80% by November in preparation for a difficult winter, but there are also complex duties for national reserves to be distributed to countries suffering energy shortfalls.
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