Following a meeting of foreign ministers held on the sidelines of the 77th United Nations General Assembly in New York, G7 leaders reaffirmed their commitment to finalize plans for a price cap on Russian oil. The aim remains to constrain Moscow’s ability to finance aggression while buffering global energy markets, with particular attention to protecting households in lower and middle-income countries from steep price shocks.
Officials stressed that a successful rollout of the oil-price cap could contribute to easing food inflation on a global scale. The overarching objective is to mobilize a broad coalition and maximize the impact of the measure through coordinated action, ensuring consistent application and international support across participating countries.
The G7 also called on other nations to align with the cap by importing Russian oil and petroleum products only at or below the established maximum price. This commitment underscores a unified approach to energy that seeks to deprive Russia of revenue while maintaining predictable flows for global markets.
On nuclear safety, the leaders voiced serious concern about the situation at the Zaporizhzia nuclear power plant in southern Ukraine. They urged Moscow to withdraw its troops and military assets from the facility and reiterated support for the International Atomic Energy Agency mission to monitor and assess safety conditions on the ground.
Additionally, the leaders noted strong opposition from pro-Russian officials to referendums planned in parts of eastern and southern Ukraine. They highlighted that any vote conducted under military presence, intimidation, or forced displacement cannot be considered free or legitimate, warning that annexation of Ukrainian territory would violate Ukraine’s sovereignty and the core principles of the UN Charter. The consensus remains that the legitimacy of such votes is fundamentally compromised by the conditions under which they are conducted.
In their closing statements, G7 members signaled continued pressure through targeted sanctions while maintaining readiness to respond to evolving circumstances. They emphasized the need for a disciplined blend of economic and political measures, including calibrated mobilization of reserves and careful handling of any nuclear rhetoric, to sustain pressure on Russia without destabilizing broader global markets. The coalition stressed that unity and persistent, well-communicated policy steps are essential to reinforcing international norms and supporting Ukraine’s sovereignty on the world stage. [Source attribution: G7 Leaders Meeting, September 2023]