Leaders of the Group of Seven (G7) countries pledged more sanctions against Russia in a communique released after the just concluded summit on Tuesday.

Since Russia began its "special military operation" in Ukraine in February, Western allies have imposed rounds of sanctions against Russia in trade and finance. The conflict and tit-for-tat sanctions have weighed down the recovery of the COVID-hit global economy, worsening the global supply chain and energy security. 

The G7, comprising the most advanced global economies: the U.S., Japan, Germany, Canada, France, the UK and Italy, reiterated phasing out their dependency on Russian energy in the communique. They called for exploring ways to curb rising energy prices, including the feasibility of introducing temporary import price caps where appropriate.

"As for oil, we will consider a range of approaches, including options for a possible comprehensive prohibition of all services, which enable transportation for Russian seaborne crude oil and petroleum products globally, unless the oil is purchased at or below a price to be agreed in consultation with international partners," the communique said.

The G7 also announced the decision to ban gold import from Russia, which produces around 10 percent of the gold mined globally each year.

Read more: G7 results met with skepticism

Energy dilemma

World oil prices have been steadily rising after the Russia-Ukraine conflict, due to a shortage of supply and a rebound in demand from the COVID blow. 

"In coordination with the International Energy Agency (IEA), we will explore additional measures to reduce price surges and prevent further impacts on our economies and societies, in the G7 and globally," the G7 said in their statement. 

The group added it welcomed OPEC's recent responses to tightening international markets, calling on "them to continue action in this regard" and encouraging producer countries to increase their production. 

However, French President Emmanuel Macron on Monday said he had been told by the UAE's president that the two top OPEC oil producers, Saudi Arabia and the United Arab Emirates (UAE) can barely increase oil production.

"In light of recent media reports, I would like to clarify that the UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline," UAE Energy Minister Suhail bin Mohammed Al Mazrouei said in a statement late on Monday. 

Criticism 

Russia is the world's largest exporter of wheat, pig iron, natural gas, and nickel, and it accounts for a significant share of coal, crude oil, and refined aluminum exports, while Ukraine is a key exporter of food commodities such as wheat and sunflower seed oil, according to the World Bank.

Inflated prices of oil, gas, and food have pushed up most G7 members' prices to record highs. In May, UK's consumer price inflation hit a 40-year high of 9.1 percent, the highest in the G7, followed by the U.S. (8.6 percent),  Germany (7.9 percent), Italy (6.8 percent), and France (5.8 percent). 

Generally trapped in high inflation, the G7 countries were forced to adjust the pace of monetary policy contraction. The U.S. Federal Reserve has aggressively hiked policy rates, risking a recession.

Read more: Inflation saps U.S. consumer confidence; house prices remain elevated

A Poll showed earlier that less Americans are back sanctions on Russia at the expense of the U.S. economy. 

The G7 communique also pledged to tackle global issues regarding climate change, food security, and debt. 

The G7, representing only 10 percent of the world's population, will not help solve global problems without cooperating with the wider international community, and it remains to be seen whether the G7 will actually deliver on its commitments, Xinhua reported on Wednesday citing the views of observers. 

During the summit, demonstrations broke out near the meeting venue in Munich, Germany. The demonstrators condemned the major Western industrial countries for worsening the situation in Ukraine and the food security and complained about the recent soaring prices.

By 2021, G7 countries on average provided only 0.32 percent of their gross national income – not even half of the promised 0.7 percent – in development assistance, said Friederike Roder, vice president of the non-profit group Global Citizen.