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- The Finance ministers from the G-7 countries committed to designing a system to check Russia’s income from oil sales.
- The main objective is;
- To reduce Russia’s revenues and its ability to fund its war in Ukraine.
- Limiting the impact of the war on global energy prices.
Group of Seven (G7)
- G-7 is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
- The European Union is a 'non-enumerated member.
- G-7 members are;
- The advanced economies and liberal democracies.
- They shared values of pluralism and representative government
- G7 represents 58% of the global net wealth ($317 trillion), more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity.
- As of 2022, G-7 countries make up 10% of the world’s population, 31% of global GDP, and 21% of global carbon dioxide emissions.
- Most G-7 countries had a high level of gross debt, especially Japan (263% of GDP), Italy (151%) and the US (133%).
- The heads of government of the member states, as well as the representatives of the European Union, meet at the annual G7 Summit.
- Germany holds the presidency of the G7 in 2022.
- Japan will be president in 2023.
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