President Joe Biden and his Western allies aim to prevent an economic collapse from the war in Ukraine from breaking a global coalition working to punish Russia’s invasion, in the Bavarian Alps on Sunday 3 We held a day summit. Britain’s Boris Johnson warned leaders not to succumb to “fatigue” even if Russia launched a new missile in Kyiv.
Group of Seven leaders were planning to announce a new ban on Russian gold imports. This is the latest in a series of sanctions that democratic clubs expect to further isolate Russia economically. They were also considering possible price limits for energy intended to limit the profits of Russian oil and gas that Moscow could put into war effort.
Following last year’s G7 Summit proposal, Biden has officially launched a global infrastructure partnership designed to counter China’s influence in developing countries. The initiative aims to leverage $ 600 billion in global infrastructure projects with G7 countries by 2027. About $ 200 billion comes from the United States, according to Biden.
US officials have long argued that China’s infrastructure initiative has trapped host countries in debt and that investments are more profitable to China than host countries.
In a pre-summit military show of force, Russia launched its first missile attack on the Ukrainian capital in three weeks, attacking at least two homes, according to Kyiv Mayor Vitali Klitschko.
Biden denounces Russia’s actions as “many of their barbarism,” and allies need to remain solid, even if the economic rebound from the war hits the world with inflation and food shortages. Emphasized.
In a meeting with Germany, Mr. Biden said, “President Putin had expected NATO and the G7 to split from the beginning, so he must be together. He is the replacement president of the G7 and is hosting the rally. Prime Minister Olav Schorz.
When the G7 leaders sat down at the opening ceremony, they made a carefree jab with Putin. Johnson could hear a voice asking if he should keep his jacket on, adding that “we all have to show that we are tougher than Putin.” Canada’s Prime Minister Justin Trudeau chimed on “naked chest riding”.
Over the years, the Kremlin has published several pictures of Russian leaders who look shirtless.
Biden and his counterparts used this rally to discuss how to secure energy supplies and tackle inflation caused by the fallout of the war.
Leaders have also gathered in a new global infrastructure partnership aimed at providing an alternative to Russian and Chinese investment in developing countries. The leaders walked towards Mike one by one, discussing the partnership and their role in it. I didn’t mention China by name.
Ukraine cast a shadow over the rally, but the leaders decided to solidify their determination.
Schortz told Biden that all allies “were able to maintain unity, but Putin clearly did not expect.”
Biden describes Putin’s war as follows:
Faced with domestic and international criticism, recognizing that he is hesitant to send Ukrainian heavy weapons, Scholz said, “Germany and the United States will always cooperate on security issues in Ukraine.” Stated.
As part of him, Johnson urged fellow leaders not to give in to “fatigue.” He expressed his concern that the pro-Ukrainian alliance could be divided as his four-month-old war progressed.
Asked if France and Germany seem to be functioning well, Johnson praised Germany’s “great progress” in arming Ukraine and reducing Russia’s gas imports. He did not mention France.
At a pre-summit meeting, Biden and Schortz agreed on the need for a negotiated end to the Ukrainian war, but did not give details on how to achieve it, a private conversation demanding anonymity.
However, they did not have extensive discussions on oil price caps and inflation, officials said.
Other leaders repeatedly praised Biden for the unity of the coalition.
The head of the European Union’s government council said that the 27-member block maintains “unwavering unity” in supporting Ukraine with financial and political support for Russia’s aggression, but “Ukraine. Need more and we promise to offer more. “
European Council President Charles Michel said that the EU government has “more military support, more financial support” to enable Ukraine to protect itself and “suppress Russia’s war capacity.” He said he was ready to provide “means, and more political support.”
The EU has imposed six sanctions on Russia. The latest sanctions are to ban 90% of Russia’s crude oil imports by the end of the year. This measure targets the Kremlin’s financial, oil and gas revenue pillars.
Biden and leaders of the United Kingdom, Canada, France, Germany, Italy, Japan and the EU discussed the impact of the war on the global economy, including inflation, both officially and informally on Sunday.
Mr Biden said G7 countries, including the United States, would ban the import of gold from Russia. A formal announcement was expected on Tuesday as the leaders conclude the annual summit.
The ban “attacks Russia’s oligarchs directly and attacks Putin’s center of war machinery,” Johnson said.
“Putin is wasting his diminishing resources in this meaningless and barbaric war. He is bankrolling his ego at the expense of both Ukrainians and Russians,” Johnson said. rice field. “We need to starve the Putin administration’s money.”
According to the White House, gold is Russia’s largest export after energy in recent years, reaching about $ 19 billion in 2020, or about 5% of the world’s gold exports.
Of Russia’s gold exports, 90% were outsourced to G7 countries. Over 90% of these exports, or nearly $ 17 billion, were exported to the United Kingdom. The United States imported less than $ 200 million in gold from Russia in 2019 and less than $ 1 million in 2020 and 2021.
Regarding the idea of energy price caps, Michelle said: If such measures are to be taken by the group, “incidental consequences”.
