G7 leaders discuss price cap on Russian oil over Ukraine invasion | Russia-Ukraine war News

G7 leaders assembly in Germany focus on plans to cut back Russian revenues from oil exports amid a surge in power costs.

Leaders of Group of Seven (G7) nations have mentioned plans to cap the worth of Russian oil in an effort to put the squeeze on Moscow, which is benefiting from hovering power costs, and minimize off its technique of financing the invasion of Ukraine.

America has advised a worth cap determined by consuming international locations, a proposal that was mentioned on Sunday by the G7 leaders at a summit within the Bavarian Alps.

Western international locations rallied round Kyiv when Russia invaded Ukraine in February, however greater than 4 months into the struggle, that unity is being examined as hovering inflation and power shortages rebound on their very own residents.

Chided by Ukraine for not going far sufficient to punish Russia, G7 leaders had been having “actually constructive” talks on a doable worth cap on Russian oil, a German authorities supply was quoted as saying by the Reuters information company.

“We’re on an excellent path to succeed in an settlement,” the official mentioned.

A French presidency official mentioned Paris would push for a worth cap on oil and gasoline and was open to discussing the US proposal.

Nevertheless, he mentioned the G7 wanted to work in the direction of getting a most oil worth and this wanted the buy-in of oil producers within the Group of Petroleum Exporting Nations and its allies in a bunch known as OPEC+, which incorporates Russia.

“We have to have discussions with OPEC+ and producing international locations to attain this,” the official mentioned.

The European Union, which plans to ban imports of most Russian oil from the tip of the 12 months, has reservations a couple of US push for a broad oil worth cap or “worth exception” to limit Moscow’s power income.

A worth exception might work by a mechanism to limit or ban insurance coverage or financing for Russian oil shipments above a specific amount.

It might forestall spillover results to low-income international locations which might be combating excessive meals and power prices.

European Council President Charles Michel additionally mentioned G7 leaders would focus on a technical mechanism that had the impact of an oil worth cap by companies associated to grease and export insurance coverage.

However Michel mentioned the difficulty would should be dealt with fastidiously or danger backfiring.

“We’re able to take a call along with our companions, however we wish to make it possible for what we determine could have a destructive impact [on Russia] and never a destructive impact for ourselves.”

Biden hails Western unity

Firstly of a bilateral assembly, US President Joe Biden thanked German Chancellor Olaf Scholz for displaying management on Ukraine and mentioned Russian President Vladimir Putin had failed to interrupt their unity.

Scholz has confronted criticism at house and overseas for his dealing with of Russia’s invasion of Ukraine.

“We will get by all of this and are available out stronger,” Biden mentioned.

“As a result of Putin has been relying on it from the start that one way or the other NATO and the G7 would splinter. However we haven’t and we’re not going to.”

Firstly of the assembly, 4 members of the G7 introduced plans to ban imports of Russian gold as a part of efforts to tighten the sanctions squeeze on Moscow.

The US, United Kingdom, Canada and Japan will ban Russian gold imports. France additionally supported the transfer.

The UK mentioned the ban was aimed toward rich Russians who’ve been shopping for safe-haven bullion to cut back the monetary influence of Western sanctions. Russian gold exports had been value $15.45bn final 12 months.

“The measures we’ve got introduced right now will instantly hit Russian oligarchs and strike on the coronary heart of Putin’s struggle machine,” UK Prime Minister Boris Johnson mentioned in an announcement.

“We have to starve the Putin regime of its funding. The UK and our allies are doing simply that.”

Jose Mujica: The world according to the humblest of leaders | Government

He was as soon as generally known as the world’s “poorest” president.

A left-wing insurgent fighter in his youth, Jose Mujica was elected president of Uruguay in 2010, making headlines worldwide for not altering the modest life he was used to.

He was a president with no palace, no motorcade and no pomp.

He led his five-year authorities by instance, with austerity, donating a giant a part of his wage to social causes, driving his previous Volkswagen Beetle, and residing in his farmhouse.

And that’s the place we caught up with him.

Jose Mujica talks to Al Jazeera.

China, Russia jets conducted patrol as Quad leaders met in Tokyo | Military News

Japan scrambled jets after the warplanes approached its airspace whereas Quad leaders have been assembly in Tokyo.

Russian and Chinese language army planes carried out joint workout routines close to Japan on Tuesday whereas leaders of the Quad group of nations have been assembly in Tokyo, the Japanese defence minister has mentioned, calling it “provocation”.

“Two Chinese language bombers joined two Russian bombers within the Sea of Japan [known in South Korea as the East Sea] and made a joint flight to the East China Sea,” Nobuo Kishi, the Japanese defence minister, advised reporters on Tuesday.

The planes didn’t breach Japan’s territorial airspace, the defence ministry mentioned.

Japan scrambled jets after the warplanes neared its airspace whereas Tokyo was internet hosting the leaders of the Quad group of nations – the USA, India, Australia and Japan.

US President Joe Biden, Indian Prime Minister Narendra Modi and Australia’s newly elected chief, Anthony Albanese, gathered within the Japanese capital for the Quad summit – which goals to counter China’s affect within the Asia Pacific.

A joint assertion by the so-called Quad bloc warned towards makes an attempt to “change the established order by drive”, as issues develop about whether or not China may invade self-ruled Taiwan.

Quad leaders meet in the Japanese capital, Tokyo
US President Joe Biden, Japanese Prime Minister Fumio Kishida, Indian Prime Minister Narendra Modi and  Australia’s newly elected chief, Anthony Albanese attended the Quad assembly in Tokyo [Yuichi Yamazaki/AFP]

The joint assertion, nevertheless, averted direct references to Russia or China.

On Monday, Biden angered China by saying he can be keen to make use of drive to defend Taiwan, however he mentioned later US coverage towards the self-ruled democratic island had not modified. China considers Taiwan an inalienable a part of its territory that must be reunited with the mainland.

South Korea’s army mentioned it additionally scrambled fighter jets after a minimum of 4 Chinese language and 4 Russian warplanes entered its air defence identification zone (ADIZ), including that the warplanes didn’t enter its airspace.

ADIZ is often an space the place nations could unilaterally demand that overseas plane take particular steps to establish themselves, with no worldwide legal guidelines governing ADIZs.

Routine annual train

China’s defence ministry confirmed the joint aerial patrol over the Sea of Japan, East China Sea and the Western Pacific and known as it a part of an annual army train.

“On Might 24, each nations’ air forces organised and carried out a routine joint strategic mid-air patrol within the airspace above the Sea of Japan, East China Sea and Western Pacific maritime areas,” a press release from the ministry of defence mentioned.

The Russian defence ministry mentioned in a press release that the joint patrol lasted 13 hours and concerned Russian Tu-95 strategic bombers and Chinese language Xian H-6 jets.

The Japanese defence minister mentioned his nation had “communicated by means of diplomatic routes our grave issues from the angle of our nation’s and the area’s safety”.

“We imagine the truth that this motion was taken throughout the Quad summit makes it extra provocative than up to now,” he mentioned, including it was the fourth such incident since November.

“Because the worldwide group responds to Russia’s aggression towards Ukraine, the truth that China took such motion in collaboration with Russia, which is the aggressor, is trigger for concern. It can’t be missed.”

He mentioned a Russian intelligence-gathering plane additionally flew off northern Hokkaido to the Noto Peninsula in central Japan on Tuesday, calling the strikes particularly “provocative” given the summit in Tokyo.

Beijing and Moscow declared a “no-limits” partnership simply weeks earlier than Russian President Vladimir Putin ordered the invasion of Ukraine, and China has refused to sentence the transfer.