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.