The leaders of the G7 countries announced new sanctions against Russia on Sunday and called for the unity of the group 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 gold, which is an important source of exports and deprives Russia of billions of dollars,” said US President Joe Biden.
Expecting a mass announcement at the end of Tuesday’s meeting, the US, UK, Canada and Japan have declared embargoes on newly mined gold in Russia.
“These measures will hit the Russian oligarchs directly and hit the heart of Putin’s war machine,” British Prime Minister Boris Johnson said.
According to Downing Street, Russia is a major gold producer, with exports totaling approximately $15.5 billion in 2021.
The leaders of the great economic powers – the United States, Canada, Japan, Germany, France, Italy, the United Kingdom – meet for three days in Bavaria’s Elmau castle. Ukrainian President Volodymyr Zelensky will attend the summit virtually on Monday.
Risk of ‘fatigue’
Western countries have punished Russia with extremely harsh economic sanctions, and it hasn’t bothered Russian President Vladimir Putin, who is constantly upping the stakes in a seemingly endless war.
The Ukrainian government does not see the sanctions as sufficient and is calling for more punishment for Russia, which re-bombed the Ukrainian capital on Sunday.
The US leader called for the unity of the G7 and NATO in the face of Moscow’s attack. Biden said Vladimir Putin hoped “one way or another, NATO and the G7 will separate”. But we didn’t and we won’t.”
But British Prime Minister Boris Johnson warned of the risk of “fatigue” in Western countries. Faced with the advance of Russian troops in the Donbass region of eastern Ukraine, Johnson acknowledged with French President Emmanuel Macron that “it is a critical moment in the evolution of the conflict and it is possible to change the course of the war”. To the British government spokesperson.
‘now’ without negotiating a solution
But Johnson warned the French leader that a solution “now” negotiated in Ukraine could prolong “global instability”.
The conflict and its consequences will be widely discussed at the summit, which will last until Tuesday, but other challenges will also be addressed, such as the threat of recession and environmental crises caused by climate change.
In addition to the current situation of tension with Russia, Western countries are looking at China, which has emerged as a systemic rival, with concern. The G7 wants to counter the Asian giant and its “New Silk Roads” by investing heavily in the infrastructure of countries in Africa, Asia and Latin America. Leaders will evaluate this project this Sunday.
As a matter of fact, the G7 invited the leaders of Argentina, India, Indonesia, Senegal and South Africa to its summit to nurture alliances outside its region. Argentina and Indonesia supported the UN votes against Russia, while other guests abstained.
Everyone is worried about the threat of famine from Ukraine’s blocking of grain exports. Faced with this risk, India has already restricted its grain exports.
internal difficulties
Meanwhile, climate activists expect the G7 to make tangible progress, such as having an agenda to phase out fossil fuel use altogether.
Summit sessions will be concluded with bilateral talks.
The first will be between Biden and German Chancellor Olaf Scholz, two leaders facing difficulties in their respective countries. Since the invasion of Ukraine, Scholz and his associates have become firefighters for all the geopolitical, economic and financial fires caused by the war.
Biden arrived as president of a country hit by high inflation and divided by the Supreme Court’s ruling that overturned the right to abortion at the federal level.
source: Noticias
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