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As part of the sanctions imposed on the Russian Federation as a result of the Russo-Ukrainian War, on September 2, 2022, finance ministers of the G7 group of nations agreed to cap the price of Russian oil and petroleum products in an effort intended to reduce Russia's ability to finance its war on Ukraine while at the same time hoping to curb further increases to the 2021–2022 inflation surge.
The trade war contributed to a rise in Chinese nationalism; the South China Morning Post reported that the conflict helped the Chinese Communist Party "shore up much-needed domestic support". [265] The external pressure of the trade war allowed Chinese leader Xi Jinping to point to the United States' actions as a reason for China's economic ...
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