- Sanctions viewed only as past resort, with dialogue very first
- Sanctions for breaching ILO rules, Paris climate pact
- Some lawmakers want current trade agreements included
Russian President Vladimir Putin makes a toast as he takes part in the XIV BRICS summit in virtual format via a video call, in Moscow on June 23, 2022.
Mikhail Metzel | AFP | Getty Images
The Group of 7 nations need to brace for a complete shutdown of Russian gas pipelines in the near term, and it could have severe consequences for Europe’s economy, one analyst warned.
“The G-7 have to prepare for a shutdown of gas. The G-7 can deal with a cutback on oil. There are other supplies that could be gotten around the world, but the gas could be shut off and that would have consequences,” said Jeffrey Schott, a senior fellow at the Peterson Institute for International Economics, told CNBC on Monday.
“Russia already has cut back substantially on gas flowing to Germany and through Ukraine, so shutting down the pipelines is not inconceivable. Russia