Allies ‘won’t splinter’ on Russia, Biden vows at G7

A

G7 world leaders agree to ban Russia gold exports, further putting the squeeze on Russia’s finances

World powers on Sunday agreed to ban gold exports from Russia, kicking off a G7 meeting aimed at taking new steps to deplete Moscow’s war chest and bolster Ukraine’s defences.

US President Joe Biden and his counterparts from the world’s most industrialised nations are gathering at Elmau Castle in the German Alps before they continue on to Madrid for talks with NATO partners.

“We have to stay together,” Biden told German Chancellor Olaf Scholz, the host of the three-day gathering.

Scholz also hailed Western unity which he said “Putin never expected”, adding that each member of the club “needs to share responsibility” for facing the mounting challenges the war presents.

Looking to the summit, Ukrainian Foreign Minister Dmytro Kuleba urged the G7 to approve more sanctions on Moscow and more heavy weapons for Ukraine to defeat “Russia’s sick imperialism”.

From soaring inflation to a looming food crisis and energy shortages, Russia’s invasion of Ukraine, now in its fifth month, has mired the world in a series of crises.

Seeking to turn up the heat on Moscow, the G7 announced it would outlaw imports of Russian gold. The United States said gold was the second largest export for Russia and a significant source of revenue for Putin and his allies.

While Western allies have hammered the Russian economy with unprecedented sanctions, Putin’s army has been digging in for a drawn-out war.

Johnson warned that “any attempt to settle the conflict now will only cause enduring instability” and risked giving “Putin licence to manipulate both sovereign countries and international markets in perpetuity”, a Downing Street spokesman said.

Paris backs a US proposal for a maximum oil price, Macron’s office said, but added that “it would be much more powerful if it came from the producing countries”.

At the same time, they will aim to minimise “as much as possible the effect of these rising oil prices and the way (Putin) has weaponised energy”.

– Systemic rival –

“The impact that China’s coercive economic practices, use of forced labour, intellectual theft — all those are front and centre for the G7, and I think you’re going to see China very much at the forefront as the G7 goes on,” said Kirby.

To this end, Scholz has invited the leaders of Argentina, India, Indonesia, Senegal and South Africa to the Alpine summit.

But all are being directly hit by a looming hunger crisis sparked by the holdup in grain and wheat exports from Ukraine, and India for instance has imposed restrictions on wheat exports.

Originally published as Allies ‘won’t splinter’ on Russia, Biden vows at G7


Source link
Lien puissant
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link
best link

About the author

vQ50azj5tS

Add Comment

vQ50azj5tS

Get in touch

Quickly communicate covalent niche markets for maintainable sources. Collaboratively harness resource sucking experiences whereas cost effective meta-services.