Ukrainian President Volodymyr Zelenskyy on Monday underscored the urgency of helping his country’s military improve its position against Russia in a video meeting with leading economic powers, who in turn pledged to support Ukraine “for as long as it takes.” Zelenskyy addressed the delicacy of the moment for Ukraine in its war with Russia to the Group of Seven summit, as the leaders of the major economies prepared to unveil plans to pursue a price cap on Russian oil, raise tariffs on Russian goods and impose other new sanctions. In addition, the U.S. was preparing to announce the purchase of an advanced surface-to-air missile system for Kyiv to help Ukraine fight back against Vladimir Putin’s aggression, a day after Russian missiles hit the Ukrainian capital of Kyiv for the first time in weeks and as its military was continued a full-on assault on the last remaining Ukrainian redoubt in the Luhansk region. The new aid and efforts by the G-7 leaders to punish Moscow come as Zelenskyy has openly worried that the West has become fatigued by the cost of a war that is contributing to soaring energy costs and price hikes on essential goods around the globe. The Ukrainian leader discussed his strategy for the course of the war, which has transformed into a bloody artillery battle in the country’s west and east. U.S. national security adviser Jake Sullivan said Zelenskyy’s top request was for further air defense systems, followed by economic support to assist his government in meeting its financial obligations. Sullivan said most of the conversation was “about the way forward and how President Zelenskyy sees the course of the war.” Zelenskyy also briefed the G—7 leaders on how his administration is using the assistance he’s received to date ”to maximize Ukraine’s capacity both to resist Russian advances, and to pursue counter attacks where possible,” Sullivan said. Sullivan added that the Ukrainian leader was “very much focused on trying to ensure that Ukraine is in as advantageous a position on the battlefield as possible” in coming months because “he believes that a grinding conflict is not in the interest of the Ukrainian people.” Zelenskyy also told the leaders that he needs to be in stronger position before engaging in peace talks with Russia, according to a senior French diplomat, who spoke under condition of anonymity in line with the French presidency’s customary practices. After hearing from Zelenskyy, the leaders pledged in a statement to support Ukraine “for as long as it takes.” They said it is up to Ukraine to decide on a future peace settlement. Leaders were also finalizing the deal to seek a price cap during their three-day G-7 summit in the German Alps. G-7 finance ministers would resolve details of how a price cap would work, according to a senior administration official who spoke on the condition of anonymity to preview announcements from the summit. Some market analysts have doubts about how effective a price cap on Russian oil would be, as enforcement by the G-7 would likely depend on cooperation from India and China. “It is questionable whether countries like India and China will agree to cease purchasing Russian oil, especially as it is trading at a significant discount on the global market price,” said Carsten Fritsch, a commodities analyst at Commerzbank. The […]

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