Business Maverick: G-7 Leaders Aim to Squeeze Putin’s Gas Revenue

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Group of Seven nations moved forward with a plan to limit President Vladimir Putin’s energy revenue by curbing oil and gas prices, a day after a Russian missile strike on a shopping center in central Ukraine killed at least 20 people.

Russian forces are pressing ahead with their goal of occupying all of the Donetsk and Luhansk regions, Ukrainian military spokesman Oleksandr Motuzyanyk said during a video briefing. Kyiv-led forces are withdrawing from Sievierodonetsk, as the Russian military moved in on neighboring Lysychansk from the south, closing in on the last major redoubt in the Luhansk region that Kyiv still controls.

Energy use roared back in 2021 as nations emerged from months of pandemic restrictions. But the rebound coincided with capped gas flows from Russia and a squeeze on liquefied natural gas. The European market ended the year with volatility at an all-time high, and the wild price swings have continued in 2022 with the invasion of Ukraine stoking fears over supply.

Speaking as he was set to depart Germany after the G-7 meeting, Johnson told reporters the UK has “more than met our pledge” to spend 2% of national income on defense and last year was the third biggest spender on defense in the world. “I don’t think it will come to that,” Johnson said, when asked if Britain will be forced to fight Russia directly.

 

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We know this was planned for their last day to rile up extra outrage. Putins is evil but not stupid like your readers.

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