The statements of resolve came as Russia resumed strikes on central Kyiv in the first onslaught on the Ukrainian capital in three weeks — an attack Biden condemned as "more of their barbarism."
Russia edged closer to default on Sunday amid little sign that investors holding its international bonds had received payment, heralding what would be the nation’s first default in decades.
The war in Ukraine was already at the forefront of the G7 leaders' minds as they opened their summit at the secluded Schloss Elmau luxury hotel on Sunday — just as Russian missiles hit the Ukrainian capital of Kyiv for the first time in weeks.
In his daily address late Sunday, Zelensky renewed his calls for more weapons and air defence systems to be delivered to Ukraine and for fresh sanctions against Russia by G7 nations.
Finance ministers and central bank governors of the United States, Japan, Canada, Britain, Germany, France and Italy — the G7 — will hold talks as Ukraine, invaded by Russia on Feb. 24, is struggling to fend off the attack.
At the end of their two-day meeting at Petersberg in Germany, the G7 finance ministers issued a communique, which expresses concern over the ever-rising inflation in the developed economies and the efforts to anchor inflation expectations
The aim of the price cap on oil exports was to "stop an important source of financing for the war of aggression and contain the rise in global energy prices," German's finance minister said.
European Union member states, the Group of Seven industrialized countries and Australia said on Friday that they have reached an agreement on price caps for Russian petroleum products.
The Group of Seven foreign ministers' meeting in London was hit by a COVID-19 scare on Wednesday when India's foreign minister and his entire team said they were self-isolating after two delegation members tested positive.
In a move that could raise hundreds of billions of dollars to help governments cope with the aftermath of COVID-19, the Group of Seven (G7) large advanced economies agreed to back a minimum global corporate tax rate of at least 15%.