On Monday, the Group of Seven clubs of affluent nations committed to staying with Ukraine "for as long as it takes," threatening to pinch Russia's finances with new measures, including a plan to cap the price of Russian oil.

The revelation was made after Ukrainian President Volodymyr Zelensky, speaking via video link to G7 leaders at their summit in the Bavarian Alps, requested armaments and air defenses to take the upper hand in the conflict with Russia over the next few months.

The G7 declaration intended to demonstrate that its members were prepared to support Ukraine for the long haul when surging inflation and energy shortages, fueled by Russia's incursion, have strained the West's commitment to sanctions.

According to the statement, we will continue to offer Ukraine financial, humanitarian, military, and diplomatic support for as long as it takes.

After missiles rained down on Kyiv on Sunday, U.S. National Security Advisor Jake Sullivan stated that the United States was preparing a new weapons package for Ukraine consisting of long-range air defenses and ammunition.

"At the top of his mind was the set of missile strikes that took place in Kyiv and other cities across Ukraine and his desire to get additional air defence capabilities that could shoot down Russian missiles out of the sky," Sullivan told reporters about Zelenskiy's remarks.

The G7 countries stated they were willing to provide security guarantees in a post-war settlement while reiterating that it was up to Kyiv to negotiate a future peace agreement with Russia.

The G7 states that they have agreed or are prepared to grant Ukraine up to $29.5 billion.

Targeting Putin's earnings

The White House claimed that Russia had defaulted on its foreign sovereign obligations for the first time in a century, a claim that Moscow denied.

Nearly half of the world's economic production is generated by the G7 nations, which wish to increase pressure on Russia without fueling the surging inflation causing domestic stresses and ravaging the global south.

The new penalties would also target Russia's income from gold exports, Moscow's military manufacturing, and authorities appointed by Moscow in Ukrainian territory held by Russian soldiers.

The objective of the oil price ceiling is to deplete the war reserve of Russian President Vladimir Putin while reducing energy prices.

A U.S. source said on the margins of the G7 conference, "The dual objectives of G7 leaders have been to take direct aim at Putin's revenues, particularly through energy, but also to minimize the spillovers and the impact on the G7 economies and the rest of the world,"

New steps are designed to further deprive the Kremlin of oil earnings, which Western sanctions have severely impacted. U.S. official: G7 nations will collaborate with others, particularly India, to limit Putin's ability to continue generating cash.

India refrained from criticizing Russia and provided a market for Russian oil, gas, and coal as it sought to strike a balance between its relations with Moscow and the West.

While meeting the president of Indonesia at the G7 summit, German Chancellor Olaf Scholz did not rule out skipping the November Group of Twenty conference in Indonesia if Vladimir Putin attended.

On the second day of the summit, Narendra Modi is one of five leaders of guest nations joining the G7 for discussions on climate change, energy, health, food security, and gender equality.

More sanctions

Russia defaulted on its foreign sovereign bonds for the first time since the Bolshevik revolution in 1917, a U.S. official said, demonstrating the effectiveness of Western sanctions.

The Kremlin, which has the means to make payments due to abundant energy income, promptly dismissed the U.S. states and accused the West of artificially forcing it into default.

The United States announced that it would slap penalties on hundreds of persons and organizations in addition to the more than 1,000 already sanctioned target firms in many countries and levy tariffs on hundreds of Russian items.

According to a senior administration official, the concerned agencies will share specifics on Tuesday to minimize flight risk.

The Ukraine crisis has diverted focus away from a second crisis - climate change - initially expected to dominate the meeting. Activists are concerned that Western nations are lowering their climate objectives as they scurry to find alternatives to Russian gas imports and rely more on coal, a dirtier fossil fuel.

According to a proposed copy seen by Reuters, Japan is also trying to eliminate a target for zero-emission vehicles from a G7 declaration anticipated this week.