(Barry) G7 leaders meet in Italy on Thursday, where they will reaffirm their solidarity with Ukraine to Volodymyr Zelensky, sealing a key agreement to use Russian assets frozen by the West to help Kiev defend itself.
What is there to know?
- The French president pointed out that the loan was “essentially American”, but “could be supplemented with European money or a national contribution”;
- The European Union and G7 countries have frozen about 300 billion euros in assets of Russia’s central bank, the European Union;
- The World Bank, for its part, estimates the cost of rebuilding Ukraine at more than $486 billion;
- EU sanctions imposed on Russia, including the freezing of Russian assets, must be renewed every six months by a unanimous vote of the Council;
- A veto by nationalist Prime Minister Viktor Orbán, who is close to the Kremlin, could therefore block the mechanism, especially since Hungary will take over on the 1st.R July President of the European Union;
- G7 finance ministers reaffirmed that Moscow’s assets would be “tied until Russia pays for the damage it has caused to Ukraine”;
- Russia threatens retaliation against Western private interests.
The “Group 7” (USA, Germany, France, Italy, United Kingdom, Canada, Japan) meets on Thursday and Friday at the luxurious seaside resort of Borgo Egnazia in Puglia (south).
Joe Biden, Emmanuel Macron, Olaf Scholes and their colleagues were greeted at the end of the morning by Giorgia Meloni, head of the Italian government, whose country holds the rotating presidency of the G7.
European Commission President Ussula van der Leyen and European Council President Charles Michel were also invited to the table of major powers, from which Russia was excluded after annexing Crimea in 2014.
“The G7 plays an irreplaceable role in managing global crises, especially those that threaten our freedom and our democracy,” said Mr.me Meloney at the start of the summit.
Ukraine will be at the center of discussions at Thursday afternoon’s meeting chaired by Volodymyr Zelensky. “We expect important decisions to be made today,” the Ukrainian president said in a telegram.
Faced with the prospect of Donald Trump’s return to the White House and the uncertainty surrounding the consequences of his election for Ukraine, the heads of state and government of the G7, which includes Russia, Ukraine’s main military backer and financial institutions, The invasion of February 2022 should secure funding for this assistance.
50 billion
They are set to discuss a major deal that could unlock $50 billion in debt to Kyiv, secured by future interest on stranded Russian assets.
The deal seems to have already been sealed. “Good news from the G7: $50 billion more for Ukraine,” German Finance Minister Christian Lindner rejoiced at X.
It’s the same story on the French side, which announced a deal to deliver “50 billion dollars” “by the end of 2024”.
President Joe Biden and Volodymyr Zelensky will sign a bilateral defense deal in Italy on Thursday and British Prime Minister Rishi Sunak will announce 242 million pounds (286 million euros) of new aid.
Tensions with China
Washington also announced a new round of sanctions on Wednesday aimed at curbing the Russian war effort, targeting Russia and companies located in countries such as China, Turkey and the United Arab Emirates.
Mr. who traveled to Berlin on Tuesday. Zelensky called on his allies to increase the supply of anti-aircraft assets. He will travel to Switzerland on Saturday and Sunday for a “conference for peace in Ukraine” that will bring together more than 90 countries and organizations, but not Russia or China.
Another concern for Washington and its G7 allies is tensions with China, backed by Moscow and the Americans and Europeans decrying the industry’s greater ability to subsidize their markets at low prices.
In particular, the European Commission threatened to impose additional tariffs on Wednesday, accusing Beijing of illegally promoting its electric vehicle manufacturers. China threatened to file a complaint with the World Trade Organization (WTO) on Thursday.
Alarmed by the bidding war between the West and Beijing, the United Nations secretary-general condemned the “divisions” between the two camps “fueled by geopolitical rivalries”.
“New tariffs introduced every year have almost doubled since 2019,” lamented Antonio Guterres, who is participating in the G7.
War in Gaza
According to a European official, the Puglia summit should help “coordinate” G7 strategy on the issue, which is on the agenda for Friday’s debate.
Finally, the war in Gaza should occupy part of the working sessions and many bilateral negotiations on the sidelines of the summit.
The conflict between Israel and the Palestinian Islamist movement Hamas has entered its 9th yeare US Secretary of State Anthony Blinken is touring the Middle East to try to save the ceasefire plan announced by Joe Biden on May 31.
The G7 has already expressed its support for the plan but Hamas has proposed some “unworkable” amendments, Mr. For its part, Israel has not officially announced its position and is continuing its offensive, which was launched in the Gaza Strip in response to a bloody attack by Hamas on its soil on October 7.
