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G7 to cap Russia’s income from oil sales

Gs Paper-2

Syllabus: Effect of policies and politics of developed and developing countries on India, bilateral regional and global grouping.

 

Context:

  • Leaders of the world’s wealthiest democracies struck a united stance to support Ukraine for “as long as it takes” as Russia’s invasion grinds on.
  • G7 countries decided to explore far-reaching steps to cap Kremlin income from oil sales that are financing the war.

 

Current Affairs

 

Key Highlights:

  • The G7 summit in Germany underlined their intent to impose “severe and immediate economic costs” on Russia.
  • G7 agreed on a ban on imports of Russian gold and to step up aid to countries hit with food shortages by the blockade on Ukraine grain shipments through the Black Sea.

 

Implications of the ban on Russian oil:

 

Current Affairs

 

Insta Links:

G7

 

Practice Questions:

Q. G7 countries underlined their intent to impose “severe and immediate economic costs” on Russia. Critically analyze.

 

Q. Which of the following is/are part of the G7 grouping?

  1. India
  2. Germany
  3. France
  4. Japan
  5. China

Select the correct answer using the codes given below:

a. 1, 2 and 3 only

b. 2, 3 and 4 only

c. 1, 3, 4 and 5 only

d. 1, 2, 3, 4 and 5

Ans: (b)

Justification:

 

Current Affairs

Source: The Hindu