OPINION: G7 leaders and the NATO summit are strong on their condemnation of Russia but new sanctions and military assistance won’t end a grinding war that Moscow is funding with help from the West’s actions.
to the Zelensky government and imposing import bans on Russian gold.
But four months on from Russia’s invasion, it’s clear none of this is enough to be decisive. A frustrated Volodymyr Zelensky spends much of his time begging Ukraine’s allies to send far more military equipment far more quickly as war and devastation grind on.It means a politically sobering lesson in energy economics is behind the desperate attempt of the G7 to test the feasibility of imposing international price caps on Russian oil and gas.
Under the price-capping scheme, the EU, the UK and the US would limit the availability of shipping and insurance services that underpin the transport of Russian oil. The aim would be to only allow such services if importers accepted a temporary price ceiling.US Treasury Secretary Janet Yellen has been arguing this is the best way to reduce prices and avoid the possibility of global recession.
The government of Narendra Modi is certainly willing to join groups like the Quad, aimed at countering China’s influence by cementing security ties between India, the US, Japan and Australia. But India has always been far more cautious about alienating Russia – on which it also depends for much of its military hardware – and sceptical of the results of sanctions.
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