The Group of Seven is looking to send a big anti-Russia message on Feb. 24, the three-year anniversary of Putin’s invasion of Ukraine, with a potential tightening of an oil price cap intended to further hurt revenue for Russia’s war machine.
Bloomberg has revealed a G7 draft statement Tuesday calling for member nations to collectively redraw the price limit, which is currently set at $60 a barrel for crude oil. The document spells out pressure for Russia to “incentivize it to negotiate a meaningful peace” in Ukraine; however, it’s anything but clear whether this is being called for in cooperation with Trump officials, who are engaged in direct talks with Moscow.
The draft at one point references “troops and resources on the ground, coupled with robust international oversight to monitor agreed-upon lines,” Bloomberg writes.
But based on the wording, it does seem a last-ditch parallel effort to jump-start a peace arrangement with Moscow, as European nations in particular seek a ‘seat at the table’ – given both Zelensky and EU officials were completely cut out of Tuesday’s meetings with Russian representatives in Saudi Arabia.
According to more of the content:
The draft indicates the allies would “recognize” Ukrainian President Volodymyr Zelenskiy’s “readiness to engage in talks to end the war,” while warning that Russian President Vladimir Putin’s terms for peace “have so far amounted to Ukraine’s complete capitulation.” The draft shows the allies are planning to meet with Zelenskiy on Feb. 24.
Allies will call, according to the draft, for a “common sense peace that is fair, a peace that lasts,” which would entail “a durable security guarantee.”
The initial oil price cap by the Western allies, first implemented in December 2022, proved too easy for Russia to work around, as India and China have remained the biggest buyers of Russian crude, and have proven not so compliant.
