The three-day G7 Summitt was held earlier this week in Germany (June 26 – 28). At the joint leaders’ conference, United States President Joe Biden pointed out that “Our nations and our world stand at a genuine inflection point in history. Technology has made our world smaller, more immediate, and more connected. It’s opened up incredible opportunities, but also accelerated challenges that impact all of us,” he said. He also informed that the G7 leaders intend to mobilize nearly $600 billion by 2027 for strategic investments that will help achieve global stability.
At the same time, Biden acknowledged that these challenges are a difficult thing for all of us, even with the combined resources of the G7.
Developing countries often don’t even have the basic infrastructure to navigate rough global seas, like in times of pandemic, so they feel the impact more, and it’s harder for them to rebuild. It’s not just the humanitarian dimension; it’s also an economic and security issue for all of us,” the American president said.
“A year ago, in that group of leaders that met in Cornwall, G7 democratic nations committed to increasing that they would improve their efforts and provide funding for equality of the highest possible standards, sustainable infrastructure, and development of middle-income countries” President Biden continued.
Biden announced that the leaders intend to collectively mobilize nearly $600 billion in G7 funds through 2027. “These strategic investments will help us advance global stability: health security, the digital community, gender equality, climate security, and energy security”.
Charles Michel, Mario Draghi, Justin Trudeau, Emmanuel Macron, Olaf Scholz, Joe Biden, Boris Johnson, Fumio Kishida and Ursula von der Leyen at the G7 summit
During a bilateral conversation with Chancellor Olaf Scholz, Biden stated that ” Vladimir Putin expected the West to collapse after his invasion of Ukraine, but this has not happened and will not happen.” “We have to stick together,” he pointed out.
The U.S. president also confirmed on Twitter earlier reports by the U.K. government that the G7 countries want to take another step to isolate Russia from the international financial system further and announced a ban on Russian gold imports, through which “Russia rakes in tens of billions of dollars” for its “war machine.”
Olaf Scholz and Joe Biden at the G7 summit in Bavaria
“The United States has imposed unprecedented sanctions on Putin to deprive him of the revenue he uses to finance his war against Ukraine. The G7 will jointly announce that we will ban imports of Russian gold, a major export commodity through which Russia rakes in tens of billions of dollars,” Biden added.
According to the NTV website, citing US government circles, the import ban is expected to be implemented on Tuesday.
Johnson: “The withdrawal price will be much higher”
Meanwhile, British Prime Minister Boris Johnson told reporters after arriving in Germany that the West must remain united in the face of Russian aggression.
To protect that unity and make it work, you have to have a frank conversation about the consequences of what’s happening and the pressures that individual friends and partners are feeling. But the price of withdrawal, the price of allowing (Russian President Vladimir – ed.) Putin to succeed, to detach a considerable part of Ukraine, and continue his program of conquest will be much, much higher. Everyone here understands that,” the British prime minister said.
Boris and Carrie Johnson at the G7 Summit
Johnson warned Macron
During a meeting on the sidelines of the summit, Boris Johnson and Emmanuel Macron “agreed that this is a critical moment for the evolution of the conflict and that it is possible to turn the tide of the war,” the Downing Street press service reported, adding that Johnson and Macron agreed to “strengthen” military support for Kiev.
The prime minister stressed that any attempt to resolve the conflict now would only cause permanent instability and give Putin the power to manipulate sovereign countries and international markets indefinitely, Johnson’s spokesman said.
As AFP writes, in an interview with British media, Johnson said the West should have “really, really frank discussions” at the G7 summit and then at the NATO summit in Madrid about the consequences of the war and sanctions, and have “really, really frank discussions” about the consequences of war and sanctions, especially in terms of inflation.
“Realistically there will be some fatigue in societies and political classes,” assessed the British Prime Minister and admitted that he felt “a certain concern” about this.
Emmanuel and Brigitte Macron at the G7 Summit in Germany
G7 Summit
The G7 heads of state who participated in the meeting are the Acting Host Chancellor of Germany Olaf Scholz, French President Emmanuel Macron, Prime Minister of Italy (Mario Draghi), Japan (Fumio Kishida), Great Britain (Boris Johnson), Canada (Justin Trudeau ), as well as the President of the United States, Joe Biden.
The President of Ukraine, Volodymyr Zelensky, and the heads of governments of India, South Africa, Senegal, Indonesia, and Argentina also participated in the summit.