G7 Summit

G7 summit underway amid Ukraine war and economic crisis

From foreground C-R, clockwise: Leaders of Germany, US, UK, Japan, EU, Italy, Canada, France take seat on a round table for their first working session on June 26, 2022 at Elmau Castle, southern Germany. (AFP/John Macdougall)

German Chancellor Olaf Scholz welcomed the leaders of the Group of Seven wealthy democracies to a three-day summit in the Bavarian Alps, overshadowed by the war in Ukraine and its far-reaching implications, including energy shortages and a food shortage crisis.

Sunday's summit takes place against a darker backdrop than last year's, when the British, Canadian, French, German, Italian, Japanese, and American presidents met for the first time since the Covid-19 outbreak and pledged to rebuild more effectively.

As a result of Russia's invasion of Ukraine, however, rising global oil and food costs are impeding economic growth.

French President Emmanuel Macron tweeted, "The war in Ukraine and its effects require action. Food and energy security are addressed. Addressing the climate change challenge. These are our goals for the upcoming G7 summit in Germany."

"Cohesion and coordination"

The United Nations warned of an "unprecedented global hunger crisis."

Climate change, China's growing assertiveness, and the spread of authoritarianism will also be discussed.

The G7 leaders are expected to adopt a unified front on backing Ukraine as long as required and ratcheting up pressure on the Kremlin while avoiding penalties that could boost inflation and deepen the cost-of-living crises impacting their people.

According to an EU official: "The primary message of the G7 will be unity and action coordination... Even during difficult times, we maintain our partnership; this is the key message."

More sanctions on imports from Russia

Reportedly, the G7 partners will soon agree to limit Russian gold imports.

Later, a German government source reported that leaders were engaged in "really constructive" discussions over a potential price cap on Russian oil imports.

The leaders will also likely explore alternatives to Russian oil and gas imports to combat rising energy prices.

The summit is taking place at the castle resort of Schloss Elmau at the base of Germany's highest mountain, the Zugspitze - the exact location when Germany previously hosted the annual G7 summit in 2015.

One year after Moscow's annexation of Crimea, Russian aggression against Ukraine again dominated the news.

Publish : 2022-06-26 20:34:00

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