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G7 leaders to debate ways to stabilise global energy markets

US official says soaring costs will be at the centre of weekend meeting as well as reducing Russia’s revenues

US president Joe Biden expects G7 leaders to debate steps to “stabilise global energy markets” as Washington seeks more co-operation to contain the high commodity prices weighing on the global economy.

A senior Biden administration official told reporters on Wednesday that the US would announce a “concrete set of proposals” to raise economic pressure on Russia over its war in Ukraine, hinting at a possible new sanctions package when G7 leaders gather in Germany this weekend.

The US also expects energy — the cost of which has soared since the war began in February, as countries have scrambled to reduce their dependence on Russian imports — to be “very much at the heart of the discussions”, the official added.

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