The G7 summit – which brings together Germany, the United States, Italy, France, Japan, Canada and the United Kingdom – began this Sunday (26) with the announcement that at least four countries of the group will ban the import of gold from Russia: the United Kingdom, the United States, Canada and Japan. This is yet another initiative aimed at diminishing the Kremlin’s ability to finance the war in Ukraine. The first day of the event was marked by further Russian attacks on Ukrainian territory.
According to the UK, the ban on Russian gold imports targets wealthy Russians who buy gold bars to reduce the impact financial burden of Western sanctions. “The measures we are announcing today will directly hit the Russian oligarchs and strike at the heart of Putin’s war machine,” British Prime Minister Boris Johnson said in a statement. “We need to deprive the Putin regime of its funding. The UK and our allies are doing just that.”
France also supports the sanction, but European Council President Charles Michel said that the issue would need to be handled carefully, as would the proposal on a possible price ceiling for Russian oil. In this case, a cap on oil imports from Russia would be imposed unilaterally by each participating country and would prevent Russia from selling it at a higher price.
“We are ready to make a decision together with our partners, but we want to make sure that what we decide will have a negative effect (on Russia) and not a negative effect on ourselves,” Michel said, according to Reuters.
Leaders will discuss inflation and the global economy
German Chancellor Olaf Scholz, host of the event, said this Sunday that there is a “shared concern” within the G7 about the global economic situation, in particular, by inflation, by the effect of the war in Ukraine.
“All the G7 states are worried about the crisis that we have to face now. In some countries, growth rates fall, inflation rises, fuels, distribution chains are blocked”, said the head of government. He also said that at the first meeting of the bloc’s leaders, issues related to the global economy were addressed.
The chancellor indicated that the need to coordinate the bloc’s action was discussed, especially in energy markets. . “We have to act together and assume our responsibilities”, said Scholz.
The German head of government said he had great confidence in the ability of the richest countries, represented by the G7, to coordinate their efforts to combat the consequences of the economic impact that the Russian invasion of Ukraine is having.
Scholz also guaranteed that, at the meeting that takes place in the city of Elmau, in Bavaria, it is intended to send “a very clear and decisive signal ” about the conflict. Germany’s leader specifically mentioned promoting investment and unlocking distribution chains “jointly as needed” as a way to solve the problems that the global economy demands.
Also this Sunday, according to Scholz, a discussion is scheduled on aspects related to investment in infrastructure. The chancellor indicated that they will do so in a “broad” way, citing as examples, rail connections and electrical networks.
Another topic on the agenda of the G7 leaders will be the fight against pandemics, given the Covid-19 health crisis 19, which still lingers. The summit will continue for the next two days.