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G7 leaders vow to support Kyiv ‘for as long as it takes’
Ukraine

G7 leaders vow to support Kyiv ‘for as long as it takes’

26.06.2022
Some countries such as Germany and France had previously indicated they would accept a negotiated ceasefire
Japanese Prime Minister Fumio Kishida speaks following the first day of the G7 leaders' summit held at Elmau Castle in Germany on Sunday
Japanese Prime Minister Fumio Kishida speaks following the first day of the G7 leaders' summit held at Elmau Castle in Germany on Sunday
Photo credit: AFP

The Group of Seven leaders will commit to providing supporting Ukraine in its defence against Russia’s invasion “for as long as it takes,” according to a draft statement from their summit in Bavaria.

The wording is important because members of the alliance are concerned about the war dragging on and some, including Germany and France, have hinted that they may be more open to the idea of a negotiated ceasefire.  

It comes as Russian missiles struck residential buildings in Ukraine’s capital early on Sunday. The strikes, condemned by President Joe Biden as “barbarism” and German Chancellor Olaf Scholz as “brutality,” followed bombardments across Ukraine’s north and west on Saturday, including missiles launched from Belarusian airspace.

The G7 nations are continuing to discuss a cap on the price of Russian oil that would work by imposing restrictions on insurance and shipping, according to people familiar with the matter.

The potential mechanism would only allow the transportation of Russian crude and petroleum products sold below an agreed threshold, the people said. Discussions continue, and an agreement has yet to be reached, they said.  

Russia, meanwhile, is now just hours away from a dramatic moment in the financial battle that the US and others have waged against the Kremlin over its invasion of Ukraine.

A grace period on about $100 million (€94.7 million) of missed bond payments - blocked because of wide-ranging sanctions - ends on Sunday night. There won’t be an official declaration, and Russia is already disputing the designation, but if investors don’t have their money by the deadline, there will be an “event of default” on Monday morning, according to the bond documents.

©2022 Bloomberg L.P.


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