Meet ends, G-7 vow to crush Russia's income

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Meet ends, G-7 vow to crush Russia's income

  • 8th G7 Summit came to an end with participating members issuing a joint statement.
  • Summit was joined by the Leaders of Argentina, India, Indonesia, Senegal and South Africa, as well as Ukraine

Key Highlights

Russia’s war of aggression against Ukraine

  • Condemned Russia’s war of aggression against Ukraine.
  • It resolved to stand with Ukraine providing financial, humanitarian, military, and diplomatic support.

Severe and enduring costs on Russia

  • Statement endorsed seeking price caps on Russian oil.
  • It seeks to leverage West’s financial and shipping influence over Russian oil exports.
  • Aim: Tie financial services, insurance and shipping of oil cargoes to cap Russian oil price.
  • Leaders also agreed on a ban on imports of Russian gold.

Ensuring food security around the globe

  • Pledged to spend $4. 5 billion to ensure food security..
  • Global Alliance on Food Security

Hitting China’s ‘market-distorting’ practices

  • Condemned China’s non-transparent and market-distorting international trade practices.
  • Extricate themselves from economic dependence on China.

Partnership for Global Infrastructure and Investment

  • Aim: mobilise USD 600 billion over next five years to narrow global investment gap.
  • Increase cooperation globally through working towards new Just Energy Transition Partnerships with Indonesia, India, Senegal and Vietnam, building on the existing partnership with South Africa.


  • G7 will build on its provision of over 1.175 billion vaccine doses since last meet in 2021.
  • G7 Pact for Pandemic Readiness: Prevent, prepare, and respond to future pandemics and health challenges

India at G7 Summit


  • Represented by: Prime Minister
  • Called as a guest to attend the summit.
  • Participated in two sessions
  • Investing in a better Future: Climate, Energy, Health and
  • Food security

Resilient Democracies document signed

  • Participating countries expressed their commitment to
  • guard freedom, independence and diversity of civil society actors
  • Protect freedom of expression and opinion online and offline.

No direct reference on Ukraine

  • No direct reference on Ukraine and didn’t criticise Russia for its invasion.
  • Urged to use path of dialogue and diplomacy to resolve the crisis.

Use Indian agricultural talent

  • With the help of traditional talent of India’s farmers, food security will be ensured to G7 countries.
  • Stops short of endorsing Partnership for Global Infrastructure and Investment
  • Partnership for Global Infrastructure and Investment (PGII): Initiative by US and its allies.
  • Aim: countering China’s Belt and Road Initiative (BRI) in low and middle-income countries.
  • US announced fund to promote food security in India under PGII.

Documents published

  • India endorsed two outcome documents
  • Resilient democracy (statement) and
  • Chair’s summary on Just Energy Transition Partnership.