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World leaders step up pressure on Russia
Nato beefs up defences, G7 tightens sanctions, and Brits choose to stay at home.

The G7 summit in the Bavarian Alps comes as western leaders get to grips with a series of crises sparked by the invasion, ranging from worries over food and energy supplies to galloping rates of inflation, all of which are putting the global economy under severe stress.

The meeting is discussing a price cap on Russian oil as part of efforts to stymie Moscow’s ability to fund the war. Non-G7 countries such as India, which has been a big importer from Russia, are also taking part. The EU has already agreed a phased-in ban on shipments by sea, but allowing crude oil deliveries via pipeline to continue, while the US has banned all oil imports and the UK plans to do so by the end of the year.

Energy sanctions should have an effect in the medium term, says the Lex column, but in the meantime their implementation will be painful. “What started as an economic shock-and-awe campaign is turning into a war of attrition,” it concludes.

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