According to CCTV news reports, the G7 summit, which has attracted much market attention, will be held from June 26 (today) to 28 (next Tuesday). The topics of this summit involve the conflict between Russia and Ukraine, climate change, energy crisis, food security , economic recovery, etc. Observers pointed out that in the context of the continuous escalation of the conflict between Russia and Ukraine, the G7 will face the most severe challenges and crises in many years at this meeting.

However, on the 25th (the day before the convening), thousands of people held protest rallies and marches in Munich, waving flags such as “against the G7″ and “save the climate”, and shouted “Unity to stop the G7″ Waiting for the slogan, parade in the center of Munich. According to German police estimates, thousands of people participated in the rally that day.

However, at this meeting, everyone paid more attention to the energy crisis. Since the emergence of the Russia-Ukraine conflict, commodities including oil and natural gas have risen to varying degrees, which has also driven inflation. Take Europe as an example. Recently, the CPI data for May has been disclosed one after another, and the inflation rate is generally high. According to German federal statistics, the country’s annualized inflation rate reached 7.9% in May, setting a new high since Germany’s reunification for three consecutive months.

However, in order to deal with high inflation, perhaps this G7 meeting will discuss how to reduce the impact of the Russian-Ukrainian conflict on inflation. In terms of oil, according to relevant media reports, the current discussion on the Russian oil price cap has made enough progress to be submitted to the summit for discussion.

Previously, some countries indicated that they would set a price cap on Russian oil. This price mechanism may offset the inflationary impact of energy prices to a certain extent and prevent Russia from selling oil at a higher price.

The price ceiling for Rosneft is achieved through a mechanism that will limit the amount of Russian oil that exceeds a certain shipment quantity, prohibiting insurance and financial exchange services.

However, this mechanism, European countries are still divided, because it will require the consent of all 27 EU member states. At the same time, the United States is sparing no effort to promote this mechanism. Yellen previously pointed out that the United States should resume importing Russian crude oil, but it must be imported at low prices to limit the latter’s oil revenue.

From the above, the G7 members hope to find a way through this meeting to limit the Kremlin’s energy revenue on the one hand, and reduce the impact of the rapid reduction of Russia’s oil and gas dependence on their economies on the other hand. From the current point of view , is still unknown.