G7 wants to strike at the heart of Putin's war machine

The leaders of Great Britain, Germany, Italy, Canada, France, Japan and the USA are discussing the key issues and challenges of the present time. “All G7 countries are concerned about the challenges we face. Slowdowns in some countries, inflation, shortages of raw materials and disruptions in supply chains are not minor concerns. And that is why we must share responsibility for the situation in the economy,” said German Chancellor Olaf Scholz. At the American initiative, the G7 leaders also discussed plans to contain China's influence on developing countries.

Vladimir Zelensky addressed the G7

One of the key topics is the war in Ukraine. “To act on the war in Ukraine and its consequences, to act for food and energy security, to respond to climate challenges. These are our goals for the summit,” French President Emmanuel Macron said.

And the Prime Minister Boris Johnson urged Britain not to weaken support for Ukraine and assured that the UK, for its part, would continue it. “Now is not the time to weaken the position in relation to Ukraine – the Ukrainians need the support of the G7 more than ever,” he stressed. US President Joe Biden and German Chancellor Olaf Scholz also agreed to continue military assistance to Ukraine.

Canadian Prime Minister Justin Trudeau and British Prime Minister Boris Johnson recorded a joint video message to Ukrainians expressing admiration for Ukraine's struggle and promising further support.

President Volodymyr Zelensky spoke at the G7 summit on Monday, June 27 ” in Germany. According to Reuters, in his video message, he asked to help Ukraine with air defense systems, introduce new sanctions against Russia and provide security guarantees.

Russia will receive new sanctions

The leaders of the G7 countries heard the call of the Ukrainian president and agreed to impose new sanctions against Russia. According to the White House website, the G7 countries will continue to deplete critical components of Putin's military-industrial complex, prevent the central bank's gold reserves from supporting the economy, and continue to deprive Russian dictator Vladimir Putin of the resources he needs to wage war.”

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These will be:

• Measures against Russian military production and supply chains
• Using tariffs on Russian goods to help Ukraine
• Limiting Russia's participation in the world market
• Attributing responsibility on those responsible for human rights violations, including war crimes, profiteering and illegitimate power.
• Significant G7 commitment to budget support and other support for Ukraine.

According to Bloomberg, the leaders of the G7 countries in the final statement of the summit want to announce their commitment to provide unlimited support to Ukraine to defend it against Russian aggression. “We will continue to provide financial, humanitarian, military and diplomatic support and will be on the side of Ukraine for as long as necessary,” the document says.

Big sensations from the summit should not be expected. “We will not move mountains,” Chancellor Scholz said before it began. The main result can be called a demonstration of the unity of the G7 as a Western club in the face of the Russian war against Ukraine, as US President Biden spoke about.

A ban on gold imports from Russia will be introduced

One of the central topics of the dialogue between the leaders of Germany, the United States, Canada, France, Great Britain, Italy and Japan is the war in Ukraine and its economic consequences, which led to a rapid rise in energy prices and a food crisis. The press service of the British government said that the four countries of the “Big Seven” – Great Britain, the United States, Japan and Canada – will “soon” impose a ban on the import of Russian gold. Washington estimates that the new embargo will deprive Moscow of about $19 billion a year. Annually, Russia produces about 10% of all world gold, which is an important asset of the Central Bank of the Russian Federation.

“The measures we announced today will directly hit the Russian oligarchs and the heart of Putin’s war machine. We need to wear down the Putin regime through its financing. The UK and our allies are doing it,” Prime Minister Boris Johnson said. Among the proposals is also the introduction of an upper ceiling on Russian oil prices.

Foreign media

Time:

“The war in Ukraine will dominate at the three day summit. The focus will be on coping with the economic turmoil following Russia's invasion of Ukraine and subsequent Western sanctions, areas where experts say finding a unified approach will be easier.

Ukraine is one of the main global suppliers of grain and vegetable oil. The Russian invasion disrupted normal production and led to record world food prices.

Newsweek:

“The war in Ukraine is the main item on the agenda of the summit of leaders of the world's largest industrialized countries. Sanctions on Russia and the recovery of the country it has invaded are key topics for discussion.

While deterring Russian aggression will be top of the agenda, German Chancellor Olaf Scholz said the war should not be a distraction from others global problems such as the climate crisis or a pandemic.”

Deutsche Welle:

“War, climate, hunger, poverty, health – these are the topics of this year's G7 summit. But the meeting will be dominated by Russia's aggressive war against Ukraine and its consequences. Against the background of the brutality with which the Russian army operates in Ukraine, the pacifist Laborites are increasingly silent. Sanctions against Russia and new long-term assistance to Ukraine are being discussed on the first day of the summit.”