Canada and other G7 countries committed to sticking with Ukraine in its war against Russia âfor as long as it takesâ at a summit over the weekend.
What happened:Â Along with the joint statement of support for Ukraine, G7 leaders agreed to ban gold imports from Russia and work towards capping the price they pay for Russian oil.
- The G7 is trying to ramp up pressure on Russia and undermine its economy, which has (so far) withstood Western sanctionsâits oil revenues have held firm and the countryâs currency is back above its pre-war level.
Why it matters:Â The statement and new sanctions signal that Western countries arenât likely to push Ukraine towards a negotiated peace any time soon, despite the toll the war has taken on the global economy.
- The conflict has created energy and food shortages and contributed to stubbornly high inflation in Europe and North America.
France and Germany have previously pushed for a settlement that could see Ukraine give up land to Russia, but the latest statement appears to nix that option (at least for the time being).
Reality check:Â Russia is advancing but Western leaders appear ready to back Ukrainian resistance indefinitely. Anyone expecting the war (and the economic pain itâs causing around the world) to end soon should think again.