The leaders of the countries of the G7 announced new sanctions against Russia and called for the group’s unity, on the first day of a summit in Germany largely devoted to the war in Ukraine.
“Together, the G7 will announce that we will ban Russian goldone of the main sources of exports, which will deprive Russia of billions of dollars,” tweeted US President Joe Biden.
Pending a collective announcement at the end of the meeting on Tuesday, the US, UK, Canada and Japan went ahead and announced an embargo on newly mined gold in Russia.
“These measures will hit the Russian oligarchs directly and strike at the heart of Putin’s war machine,” said British Prime Minister Boris Johnson.
Russia is a major gold producer whose exports accounted for about $15.5 billion in 2021, according to Downing Street.
The leaders of the major Western economic powers – the United States, Canada, Japan, Germany, France, Italy, the United Kingdom – meet for three days in the Bavarian castle of Elmau.
the ukrainian president, Volodimir Zelensky will participate in the summit electronically this Monday.
Risk of “fatigue”
Western countries have slapped Russia with rare harsh economic sanctions, seemingly undaunting Russian President Vladimir Putin, who is constantly upping the ante in a war with no end in sight.
the ukrainian government considers that sanctions are not enough and asks to further punish Russia, which again bombed the Ukrainian capital yesterday. An act that Biden described as “barbaric”.
The US leader called for the unity of the G7 and NATO in the face of Moscow’s offensive.
Vladimir Putin expected “that, one way or another, NATO and the G7 would split up,” Biden said. “But we haven’t and we won’t,” he added.
British Prime Minister Boris Johnson, however, warned of the risk of “fatigue” in Western countries.
The host of the Summit, the German Chancellor, Olaf Scholz also praised the unity of the allies, something that “Putin did not expect” and urged countries to “share the responsibility” to face the growing challenges posed by the conflict.
Chinese concern
Beyond the current situation of tensions with Russia, Western countries look with concern at Chinawhich is emerging as a systemic rival.
The G7 wants to counteract the Asian giant and its “New Silk Roads” by investing massively in the infrastructure of the countries of Africa, Asia and Latin America.
In this regard, the G7 announced the launch of a major investment program, in order to mobilize $600,000 million until 2027, to finance infrastructure in developing countries.
The G7 “was given the ambition to make a better offer in the world in terms of investment in infrastructures,” stressed the German chancellor, who presented the project, called “World Association for Infrastructures”, together with Biden.
The sessions of the Summit will be completed by bilateral meetings between leaders.
The leaders of the countries of the G7 announced new sanctions against Russia and called for the group’s unity, on the first day of a summit in Germany largely devoted to the war in Ukraine.
“Together, the G7 will announce that we will ban Russian goldone of the main sources of exports, which will deprive Russia of billions of dollars,” tweeted US President Joe Biden.
Pending a collective announcement at the end of the meeting on Tuesday, the US, UK, Canada and Japan went ahead and announced an embargo on newly mined gold in Russia.
“These measures will hit the Russian oligarchs directly and strike at the heart of Putin’s war machine,” said British Prime Minister Boris Johnson.
Russia is a major gold producer whose exports accounted for about $15.5 billion in 2021, according to Downing Street.
The leaders of the major Western economic powers – the United States, Canada, Japan, Germany, France, Italy, the United Kingdom – meet for three days in the Bavarian castle of Elmau.
the ukrainian president, Volodimir Zelensky will participate in the summit electronically this Monday.
Risk of “fatigue”
Western countries have slapped Russia with rare harsh economic sanctions, seemingly undaunting Russian President Vladimir Putin, who is constantly upping the ante in a war with no end in sight.
the ukrainian government considers that sanctions are not enough and asks to further punish Russia, which again bombed the Ukrainian capital yesterday. An act that Biden described as “barbaric”.
The US leader called for the unity of the G7 and NATO in the face of Moscow’s offensive.
Vladimir Putin expected “that, one way or another, NATO and the G7 would split up,” Biden said. “But we haven’t and we won’t,” he added.
British Prime Minister Boris Johnson, however, warned of the risk of “fatigue” in Western countries.
The host of the Summit, the German Chancellor, Olaf Scholz also praised the unity of the allies, something that “Putin did not expect” and urged countries to “share the responsibility” to face the growing challenges posed by the conflict.
Chinese concern
Beyond the current situation of tensions with Russia, Western countries look with concern at Chinawhich is emerging as a systemic rival.
The G7 wants to counteract the Asian giant and its “New Silk Roads” by investing massively in the infrastructure of the countries of Africa, Asia and Latin America.
In this regard, the G7 announced the launch of a major investment program, in order to mobilize $600,000 million until 2027, to finance infrastructure in developing countries.
The G7 “was given the ambition to make a better offer in the world in terms of investment in infrastructures,” stressed the German chancellor, who presented the project, called “World Association for Infrastructures”, together with Biden.
The sessions of the Summit will be completed by bilateral meetings between leaders.
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