G7 Leaders Tackle Economic Imbalances and Russian Sanctions

The Group of Seven (G7) finance leaders reached a consensus on addressing global economic imbalances and discussed plans for intensified sanctions against Russia, aiming to support Ukraine. Among the measures considered was the proposal to lower the G7 price cap on Russian crude oil exports to $50 a barrel.

European Union Executive Vice President Valdis Dombrovskis revealed these developments on Thursday, underscoring the group's commitment to financial strategies that could potentially pressure Russia's economy. The move marks a significant shift in international economic policy, aligned with support for Ukraine.

Despite tense discussions about new U.S. tariffs, Dombrovskis described the meeting of G7 finance ministers and central bank governors as 'positive and successful,' signaling a cooperative approach to navigating complex economic challenges.

(With inputs from agencies.)