The Group of Seven rich democracies will commit on Tuesday to a new package of coordinated actions meant to raise pressure on Russia over its war in Ukraine, and will finalize plans for a price cap on Russian oil, a senior U.S. official said on Monday.

The announcement came as the White House said Russia had defaulted on its foreign sovereign bonds for the first time in decades - an assertion Moscow rejected - and as Ukrainian President Volodymyr Zelensky spoke virtually with G7 leaders meeting at an alpine resort in southern Germany.

Zelensky asked leaders of the Group of Seven leading industrial democracies for a broad range of military, economic and diplomatic support, according to a European official.

G7 nations, which generate nearly half the world's economic output, want to crank up pressure on Russia without stoking already soaring inflation that is causing strains at home and savaging the global south.

The price cap could hit Russian President Vladimir Putin's war chest while actually lowering energy prices.

In a joint statement, G7 leaders have pledged to support Ukraine "for as long as it takes" and leaders have told Russia it must allow free passage of food from Ukraine.

Speaking from the summit, UK PM Boris Johnson has told the BBC "the price of freedom is worth paying" in supporting Ukraine, and that help must continue to be offered to rebuild its economy, export grain and protect its citizens.

The US has said the G7 group will issue a statement of support for Ukraine, including new sanctions commitments,  with gold, oil and tariffs likely to be a focus.

Letting Russia win in Ukraine would be ‘absolutely chilling’, says Boris Johnson

Boris Johnson has argued that continued international support for Ukraine is a price worth paying, saying that to let Russia prevail would be “absolutely chilling” for nearby countries and usher in a period of global anxiety.

Likening the need to oppose Russia to the situation in the second world war, Johnson said that while opposing fascism brought enormous costs, it then created decades of prosperity and stability.