Pledging new Russia sanctions, G7 to stand with Ukraine

HISTORY: G7 leaders on Monday (June 27) pledged support for Ukraine and agreed to increase sanctions against Russia as the first working day of the summit began.
A White House pamphlet said leaders would stand by Ukraine "as long as necessary" by imposing sanctions on Russia over its war in the country.
They added that they would "continue to provide financial, humanitarian, military and diplomatic support."
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A senior US official said G7 leaders would commit to a new package of coordinated measures to step up pressure on Russia on Tuesday.
And finalize plans for a price cap on Russian oil.
The statement came after Ukrainian President Volodymyr Zelenskyy spoke to leaders via video link.
He asked leaders for a wide range of military, economic and diplomatic support, according to a European official.
He added that he wanted the war to end by winter.
Chancellor Olaf Scholz, host of the summit in Bavaria, however, urged caution with the sanctions.
“We are also careful that we will help Ukraine as much as possible, but also avoid a major conflict between Russia and NATO. This is important to stay tough and think about the necessities of the times we live in.”
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The White House also said Russia had defaulted on its foreign government debt for the first time in decades -- a claim Moscow denies.
Sanctions have effectively locked Russia out of the global financial system.
But the war has left countries far beyond Russia's borders in trouble as restricted food and energy supplies hit the global economy.
That includes Ukrainian grain exports, which are now stuck in ports and normally feed millions of people in the Middle East, Africa and elsewhere.
G7 leaders are expected to discuss options to combat rising energy prices and replace Russian oil and gas imports, as well as other sanctions that don't exacerbate inflation.

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