Latest news with #non-G7
CNBC
5 days ago
- Business
- CNBC
EU lowers price cap for Russian crude under new sanctions package
The European Union has reached an agreement on a new sanctions package against Russia, which includes a lower price cap for Moscow's crude oil barrels. Within a year of Russia's 2022 invasion of Ukraine, the G7 and EU restricted the price at which non-G7 countries could continue purchasing Moscow's crude and oil products while using shipping and logistical services from G7 companies. The measures aimed to limit Russia's oil revenues — the backbone of its economy and war coffers — while retaining the country's supplies in the market to avoid a major shortage. The price cap agreed in December 2022 banned access to G7 transport, insurance and reinsurance services if non-G7 buyers paid more than $60 per barrel for crude. Formerly a staple of European refiners' intake, Russian crude now primarily heads to buyers in China and India. EU policymakers on Friday signaled the Russian oil price threshold would be lowered as part of a newly agreed sanctions package. "I welcome the agreement on our 18th sanctions package against Russia. We are striking at the heart of Russia's war machine. Targeting its banking, energy and military-industrial sectors and including a new dynamic oil price cap," EU Commission President Ursula von der Leyen said on social media. The EU's top diplomat Kaja Kallas concurred that a "lower oil price cap" was part of the freshly agreed measures, also noting that the bloc had, for the first time, sanctioned Russian oil producer Rosneft's largest refinery in India. Neither official explicitly named the level of the new price cap. CNBC has reached out to Canada, holder of the G7's yearly rotating presidency in 2025, for comment on whether the group endorses the lowered threshold.
Canada Standard
18-06-2025
- Business
- Canada Standard
Roundup: G7 summit ends in disputes
In the closing news conference of the G7 summit, Canadian Prime Minister Mark Carney said that the discussions over the past two days were marked by a range of differing opinions. CALGARY, Canada, June 18 (Xinhua) -- The Group of Seven (G7) summit wrapped up in Canada on Tuesday with no joint communique but some stark frictions. Several statements, or the leaders' commitments, were issued after the summit, which included driving secure, responsible and trustworthy AI adoption across public and private sectors, powering AI now and into the future, and closing digital divides; boosting cooperation to unlock the full potential of quantum technology to grow economies, solve global challenges and keep communities secure. The attendees also committed to mounting a multilateral effort to better prevent, fight and recover from wildfires, which are on the rise around the world; protecting the rights of everyone in society, and the fundamental principle of state sovereignty, by continuing to combat foreign interference, with a focus on transnational repression; and countering migrant smuggling by dismantling transnational organized crime groups. In his final remarks at the closing news conference, Canadian Prime Minister Mark Carney said that the discussions over the past two days were marked by a range of differing opinions, frank conversations and strategic exchanges. "There is a great amount of direct dialogue and discussion, very frank exchanges, very strategic exchanges, differences of opinion on a number of issues, but an effort to find common solutions to some of these problems," said Carney, also chair of this year's summit. He said this is particularly valuable "at a time when multilateralism is under great strain." There was no joint statement on Ukraine, although Carney announced new Canadian support for Ukraine's defense and another set of sanctions on Russia. Carney invited Ukrainian President Volodymyr Zelensky to attend the event in person and made support for the country one of the summit's key discussion topics on Tuesday. Leaders met for the final day of the summit in Kananaskis in Canada's province of Alberta without U.S. President Donald Trump, who suddenly left Canada on Monday night, saying that escalations in the Middle East forced his early exit from the G7 event. As he left, the summit published a statement that the resolution of the Iranian crisis can lead to a broader de-escalation of hostilities in the Middle East, even a ceasefire in Gaza. The remaining G7 leaders had a working lunch with visiting non-G7 leaders on energy security. In the statement, the leaders said that they remain vigilant to the implications of the Iran-Israel aerial conflict for international energy markets and that they will stand ready to coordinate to safeguard market stability. Hundreds of protesters took to the streets in downtown Calgary and Banff during the summit, calling on the summit to address a variety of issues, including Trump's threat to annex Canada. Originally scheduled to begin on the weekend, the summit was shortened to two days and officially started on Monday. French President Emmanuel Macron announced Tuesday that next year's summit will take place in Evian, a French spa town known for its mineral water. The G7 is an informal bloc comprising seven of the world's advanced economies -- Canada, France, Germany, Italy, Japan, Britain and the United States -- along with the European Union.
Edmonton Journal
18-06-2025
- Business
- Edmonton Journal
Varcoe: Amid geopolitical dangers, G7 leaders wrap up Kananaskis summit touting energy security and critical minerals
Article content A discussion about critical minerals and energy security — taking place in the heartlands of Canada's oilpatch, as global oil prices jumped amid the escalating Iran-Israeli clash — seemed particularly relevant, given the complexities confronting the world today. Prime Minister Mark Carney called the Tuesday afternoon session about energy security and critical minerals the most important session of the conference, as it included leaders of several non-G7 countries, such as Brazil, South Africa and India.
Canada Standard
18-06-2025
- Politics
- Canada Standard
Setback for self-styled Vishwaguru's
New Delhi [India], June 18 (ANI): Congress General Secretary in charge of Communications, Jairam Ramesh, stated that US President Donald Trump leaving the G7 Summit a day before its outreach summit began is a 'setback' for 'self-styled Vishwaguru's Huglomacy'. In a post on X on Tuesday, the Congress Rajya Sabha MP said, 'President Trump has left the G7 Summit a day before the G7 outreach with eight other countries that includes India begins. A setback for self-styled Vishwaguru's Huglomacy.' US President Donald Trump departed the summit venue in Kananaskis, Alberta, after attending a family dinner on Monday night, citing urgent matters in the Middle East. His early exit meant he missed the Tuesday sessions where leaders from several non-G7 countries, including India, were in attendance. Leaders at the summit after Trump's exit included Prime Minister Narendra Modi, Mexican President Claudia Sheinbaum, and Ukrainian President Volodymyr Zelenskyy. Prime Minister Narendra Modi concluded his visit to Canada, where he participated in the G7 Summit and departed for Croatia. During his visit, PM Modi expressed gratitude to the people and government of Canada for hosting a successful G7 Summit and underscored how India remains committed to the cause of global peace, prosperity and security. Canadian PM Mark Carney received PM Modi when he arrived at the venue of the G7 Summit in Kananaskis, Alberta, on Tuesday. This marks his sixth consecutive participation in the G7 Summit and his first visit to Canada in a decade. PM Modi received a ceremonial welcome at the Calgary airport, where India's acting high commissioner, Chinmoy Naik, was among those who received him. The G7 Summit is an annual gathering of leaders from the United States, United Kingdom, France, Germany, Japan, Italy, Canada, and the European Union (EU). This marks PM Modi's sixth consecutive participation in the G7 Summit. In a post on X, PM Modi stated, 'I am concluding a productive visit to Canada. Thankful to the Canadian people and Government for hosting a successful G7 Summit, which witnessed fruitful discussions on diverse global issues. We remain committed to furthering global peace, prosperity and sustainability.' The Ministry of External Affairs (MEA) also highlighted the significance of the visit in a post on X, stating, 'PM @narendramodi concludes a very productive visit to Canada! Held fruitful dialogue on key issues in the global context of energy security, technology, and innovation at the @G7 Summit. Met with several leaders & discussed bilateral ties. Next stop - Croatia. In a series of high-level meetings held on the sidelines of the G7 Summit in Canada, PM Modi highlighted India's efforts to strengthen global partnerships and champion the cause of the Global South. He held discussions with Ursula von der Leyen, President of the European Commission. Antonio Costa, President of the European Council. Building on these interactions, PM Modi emphasised solidarity with the Global South after meetings with leaders from Brazil and South Africa. He described 'outstanding conversations' with President Cyril Ramaphosa of South Africa and President Luiz Inacio Lula da Silva of Brazil, reaffirming their shared commitment to addressing issues vital to the Global South and working towards a better future for coming generations. Alongside these engagements, Prime Minister Narendra Modi also held insightful deliberations with Prime Minister Shigeru Ishiba of Japan on the sidelines of the G7 Summit in Canada. (ANI)
Hamilton Spectator
17-06-2025
- Politics
- Hamilton Spectator
G7 leaders agree to ‘charter' on wildfires, pledging global co-operation
BANFF - Leaders of the G7 have agreed to co-operate on their efforts to manage the impacts of devastating wildfires, which are surging for another summer across Canada. The leaders are calling it the Kananaskis Wildfire Charter. The statement outlines steps that all G7 countries and five non-G7 members intend to take on wildfire prevention, research collaboration and community rebuilding efforts. At last year's summit, leaders agreed to prevent and manage the negative impacts of wildfires, but did not outline specific plans for doing so and committed to reversing deforestation by 2030. The declaration comes as Canada battles yet another devastating wildfire season and almost one year after a wildfire ripped through Jasper, an Alberta town 250 kilometres from where the leaders are meeting. The charter was signed by non-G7 leaders from Australia, India, Mexico, South Korea and South Africa, all of whom were invited to the summit by Canadian Prime Minister Mark Carney. This report by The Canadian Press was first published June 17, 2025. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
