The G7 countries, which account for about half of world GDP, are determined to step up pressure on Russia without increasing the already high inflation that is particularly affecting the southern hemisphere.
The G7 countries will commit today in a new package of coordinated actions to increase pressure on Russia over the war in Ukraine and to finalize plans for price ceiling in Russian oil, a senior US official said today.
The announcement came after news that Russia appears to be heading for its first bankruptcy in decades, with Ukrainian President Volodymyr Zelensky addressing the G7 leaders’ summit.
“The G7 leaders’ dual goals were to directly target its revenue “(Russian President Vladimir Putin) Putin, especially through energy, but also to minimize the consequences and impact on the economies of the G7 and the rest of the world,” the official said in a briefing on the sidelines of the G7 annual summit.
The G7 leaders are “very close to deciding to ask their ministers to urgently develop mechanisms to set a global price ceiling for Russian oil,” the official said. Such a mechanism, which remains to be determined, will go through the “services” related to the export of Russian oil, said the source.
The G7 countries, which account for about half of world GDP, are determined to step up pressure on Russia without increasing the already high inflation that is particularly affecting the southern hemisphere.
The G7 countries together “will continue to restrict Russia’s access to critical industrial resources”, especially in the defense sector, which Washington has already “aggressively targeted” through sanctions against large Russian public companies, according to with the same source. This means that these companies will no longer be able to import American products, mainly technology components.
G7 leaders will also take on one “Unprecedented, long-term security commitment to provide Ukraine with financial, humanitarian, military and diplomatic support as needed”including the timely supply of advanced weapons, the White House said in a statement.
Western sanctions have hit the Russian economy hard, and the new measures are aimed at depriving the Kremlin of oil revenues. G7 countries to work with others – including India – to limit revenue Putin can continue to generate, US official says
“Today’s news of Russia’s default payments, for the first time in more than a century, shows how strong the actions taken by the United States, along with allies and partners, are as dramatic as the impact on the Russian economy.” added the official.
Group of Seven aims to allocate $ 600 billion to oppose Chinese One-Road Zone Initiative
Leaders of the Group of Seven (G7) most industrialized nations today pledged $ 600 billion in private and public capital over five years to fund infrastructure needed by developing countries and to counter the multi-trillion-dollar program. of China under the name “One Belt One Road”.
The American president Joe Biden and other G7 leaders presented the recently renamed Global Infrastructure and Investment Partnership at their annual meeting this year at Slos Elmaouin southern Germany.
Biden said the United States will provide $ 200 billion in grants, federal funds and private investment over five years to support programs in low- and middle-income countries that help address climate change, while also improving public infrastructure. health, gender equality and digital services.
“I want to be clear. This is neither help nor charity. “It’s an investment that will pay off for everyone,” Biden said, adding that it would allow countries to “see the concrete benefits of partnering with democracies.”
Biden said an additional hundreds of billions of dollars could come from multilateral development banks, development finance institutions, state-owned investment funds and others.
Europe to mobilize € 300 billion ($ 317.28 billion) At the same time, as part of the initiative to build a viable alternative to the Chinese One Belt One Road Initiative, introduced in 2013 by Chinese President Xi Jinping, European Commission President Ursula von der Layen told the meeting.
The leaders of Italy, Canada and Japan also spoke about their plans, some of which have already been announced separately. French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating.
The Chinese investment scheme includes development projects in more than 100 countries with the aim of creating a modern version of the ancient Silk Road from Asia to Europe.
White House officials said that in many developing countries the plan has provided only a few tangible benefits.
Chinese Foreign Ministry spokesman Zhao Lijian defended the Chinese initiative today, when asked to comment during a daily press briefing in Beijing.
“China continues to welcome all initiatives to promote global infrastructure development,” Zao said, referring to the G7 $ 600 billion plan.
“We believe that there is no question that the various related initiatives should replace each other. “We are opposed to promoting geopolitical calculations under the pretext of building infrastructure or defaming the One Road One Zone Initiative.”
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