• The G7 summit is dominated by the Ukraine conflict and its impact on food and energy supplies, as well as the global economy.
• Russian gold exports to the West were valued at $15.5 billion last year.
• The G7 leaders agreed to get $600 billion from private and government sources to help poor countries.

GERMANY: US President Joe Biden reminded allies that “we have to stay together” against Russia on Sunday as G7 leaders gathered for a summit dominated by the Ukraine conflict and its impact on food and energy supplies, as well as the global economy.

At the beginning of the conference in the Bavarian Alps, four of the Group of Seven’s wealthiest nations decided to block Russian gold imports in order to strengthen sanctions on Moscow and cut off its ability to finance the invasion of Ukraine.

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The British government said on Sunday that the UK, the United States, Japan, and Canada have all agreed to a restriction on the entry of new Russian gold.

The United Kingdom stated that the embargo was aimed at wealthy Russians who have been purchasing bullion as a safe haven to mitigate the financial impact of Western sanctions. Last year, Russian gold exports were valued at $15.5 billion.

As per a German government source, the G7 leaders of Britain, France, the US, Germany, Japan, Italy, and Canada were also engaged in “really constructive”  discussions over a possible price cap on Russian oil.

A representative of the French presidency stated that Paris would advocate for a cap on oil and gas prices and was willing to discuss a US proposal.

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Olaf Scholz, the German chancellor who hosted the G7 conference, welcomed Senegal, Argentina, Indonesia, India, and South Africa as partner nations.

Numerous nations of the global south are concerned about the collateral consequences of Western sanctions against Russia.

Oxfam and other advocacy organisations characterise the suffering caused by food price rises in underdeveloped nations as “visceral.”

They want the G7 leaders to tax excessive corporate profits in order to help those affected by the food crisis, eliminate the debts of the poorest nations, and aid developing nations in their fight against the food crisis and climate change.

An EU official said that the G7 will tell partner countries that Russia’s actions, not Western sanctions, are to blame for the rise in food prices.

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A German government official told an international news agency on Sunday that Germany expects the proposal will fail to get G7 support because of pushback from the United States and Canada.