
The White House announced Friday that Ukrainian President Volodymyr Zelenskyy will join President Biden and G7 leaders for a virtual summit on Sunday morning, amid Russia’s months-long conflict with Ukraine. The virtual summit will be headed by German Chancellor Olaf Scholz, according to White House press secretary Jen Psaki.
The United States, France, Canada, Germany, Italy, Japan, and the United Kingdom make up the G7.
The organization used to be known as the G8, and it included Russia, which was kicked out of the group of top nations after annexing Crimea in 2014. Biden, Zelenskyy, and the G7 leaders are expected to talk about “the latest developments in Russia’s war against Ukraine,” as well as its “global impact.”
The leaders will express “support for Ukraine and Ukraine’s future,” according to Psaki, as well as “continuing G7 unity.” Psaki also stated that the leaders will discuss how to build on “our unprecedented sanctions to impose severe costs” for Russian President Vladimir Putin’s war in Ukraine, as well as options for sanctioning additional individuals and companies while ensuring that steps are in place to “prevent companies or others from evading the sanctions we put in place.”
Since Russia’s invasion of Ukraine on February 24, the US and its European allies and partners have placed “severe” sanctions on Russia. The US, Canada, and several European allies slapped sanctions on Russia in February, and Russian banks were withdrawn from the SWIFT messaging system. The measure would “guarantee that these institutions are removed from the international financial system and impair their capacity to function worldwide,” according to the US and its partners.
The European Commission, France, Germany, Italy, the United Kingdom, Canada, and the United States all supported the action.
The G-10 central banks, which include Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, the United Kingdom, the United States, Switzerland, and Sweden, manage SWIFT, which offers messaging services to banks in over 200 countries.
In the midst of Putin’s assault on Ukraine, the US also prohibited all imports of Russian oil, gas, and electricity into the US, focusing on the “main artery” of Russia’s economy.
Meanwhile, Psaki stated that “the significance of… when this G7 conference is taking place should not be overlooked.”
In terms of economic aid, the administration is requesting $8.5 billion to help Ukraine address and respond to the “immediate crisis” and provide “basic citizen services,” such as funds to ensure Ukraine’s democratic government continues to function, ensure they can provide food, energy, and health care to the Ukrainian people, to counter Russian disinformation and propaganda narratives, and to support businesses during the fall harvest and famine.
The request for emergency extra financing comes after the Biden administration approved another $800 million in military supplies for Ukraine last month, including heavy artillery and ammunition, as the country continues to combat Russia’s multi-front conflict.
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