ELMAU: President Joe Biden on Sunday praised the continued unity of the confrontational global alliance Russiaas he and the other heads of the Group of Seven top economies strategically maintain pressure in an effort to isolate Moscow after its months-long invasion of Ukraine.
Biden and his counterparts are meeting to discuss how to secure energy supplies and tackle inflation, with the aim of preventing fallout from the war from denting a global coalition working to punish penalize Moscow. They are set to announce a new ban on Russian gold imports, the latest in a series of sanctions that the club of democracies hopes will further isolate Russia economically after Ukraine invasion.
The leaders have also come together in a new global infrastructure partnership that aims to provide an alternative to Russian and Chinese investment in developing countries.
“We have to make sure we have all of us together,” Biden said in a sitting before the summit with the German Chancellor Olaf Scholz, who holds the rotating presidency of the G-7 and is hosting the meeting. “You know, we’re going to continue to tackle the economic challenges we face but I think we’re going to get through all of these.”
Scholz replied that the “good message” was that “we all did it to stay united, Putin never expected,” a mention of the President of Russia Vladimir Putinwho sent his troops across the border into Ukraine at the end of February.
“We have to stay together, because from the very beginning Putin believed that somehow NATO and the G-7 would separate, but we didn’t and we won’t,” Biden replied. as he and Scholz sat on the terrace overlooking the picturesque Bavarian Alps.
Biden added: “We can’t let this aggression take its course and walk away.
Hours before the summit officially opened, Russia launched missile attacks on the Ukrainian capital on Sunday, hitting at least two residential buildings, Kyiv Mayor Vitali Klitschko said. These are the first such Russian attacks in three weeks.
Biden condemned Russia’s actions as “more barbaric than their own”.
Other leaders also praised Biden’s coalition solidarity.
The head of the European Union’s government council said the 27-member bloc maintains “firm solidarity” in supporting Ukraine against Russia’s invasion with money and political support, but that ” Ukraine needs more and we are committed to providing more.”
European Council President Charles Michel said EU governments were ready to provide “more military support, more financial means and political support” to help Ukraine defend itself and “constrain its ability to defend itself.” Russia’s ability to wage war”.
The EU has imposed six rounds of sanctions against Russia, the latest of which is a ban on 90% of Russian crude oil imports by the end of the year. The measure targets a mainstay of the Kremlin’s finances, oil and gas revenues.
Biden and the leaders of Britain, Canada, France, Germany, Italy and Japan, plus the EU, spent Sunday in both formal and informal spaces, including working sessions on the impact of war on the global economy, including inflation and infrastructure.
Biden, who arrived in Germany early Sunday, said G-7 nations, including the United States, would ban gold imports from Russia. An official announcement is expected on Tuesday when the leaders hold their annual summit.
Senior Biden administration officials say gold is Moscow’s second-biggest export after energy, and such an import ban would make it harder for Russia to enter the global market. Officials spoke on condition of anonymity to discuss the details prior to publication.
British Prime Minister Boris Johnson said the ban would “hit Russian oligarchs directly and hit the heart of Putin’s war machine”.
“Putin is squandering his dwindling resources in this senseless and barbaric war. He is costing his ego at the expense of both the Ukrainian people and the Russian people,” Johnson said. “We need to starve the Putin regime for its financing.”
According to the report of The White House.
Of Russia’s gold exports, 90% goes to the G-7 countries. More than 90% of those exports, or nearly $17 billion, are exported to Britain. The United States imported less than $200 million in gold from Russia in 2019 and less than $1 million in 2020 and 2021.
Among the issues to be discussed are energy price caps, intended to limit the profits from Russian oil and gas that Moscow can pump into its war effort. This idea was supported by US Treasury Secretary Janet Yellen.
Michel said a cap on the price of Russian oil imports is being discussed. But he said “we want to go into detail, we want to fine-tune … to make sure we have a clear understanding of what the direct effects are” should the team take such a step.
The leaders also discussed how to maintain commitments to address climate change while also addressing the critical energy supply needs caused by war.
John Kirby, a spokesman for the Biden National Security Council, said Saturday as the president flew to Germany.
Biden is also set to officially launch a global infrastructure partnership aimed at countering Chinese influence in the developing world. He named it “Rebuilding a Better World” and introduced the program at last year’s G-7 summit.
Mr. Kirby said Biden and other leaders will announce the first projects to benefit from what the US sees as “an alternative to infrastructure models that sell debt traps to low-income partner countries.” low and medium income. our economic competitiveness and national security,” he said.
After the G-7 summit concludes on Tuesday, Biden will travel to Madrid for a summit of the leaders of the 30 NATO members aimed at adjusting strategy on the war in Ukraine.
Biden and his counterparts are meeting to discuss how to secure energy supplies and tackle inflation, with the aim of preventing fallout from the war from denting a global coalition working to punish penalize Moscow. They are set to announce a new ban on Russian gold imports, the latest in a series of sanctions that the club of democracies hopes will further isolate Russia economically after Ukraine invasion.
The leaders have also come together in a new global infrastructure partnership that aims to provide an alternative to Russian and Chinese investment in developing countries.
“We have to make sure we have all of us together,” Biden said in a sitting before the summit with the German Chancellor Olaf Scholz, who holds the rotating presidency of the G-7 and is hosting the meeting. “You know, we’re going to continue to tackle the economic challenges we face but I think we’re going to get through all of these.”
Scholz replied that the “good message” was that “we all did it to stay united, Putin never expected,” a mention of the President of Russia Vladimir Putinwho sent his troops across the border into Ukraine at the end of February.
“We have to stay together, because from the very beginning Putin believed that somehow NATO and the G-7 would separate, but we didn’t and we won’t,” Biden replied. as he and Scholz sat on the terrace overlooking the picturesque Bavarian Alps.
Biden added: “We can’t let this aggression take its course and walk away.
Hours before the summit officially opened, Russia launched missile attacks on the Ukrainian capital on Sunday, hitting at least two residential buildings, Kyiv Mayor Vitali Klitschko said. These are the first such Russian attacks in three weeks.
Biden condemned Russia’s actions as “more barbaric than their own”.
Other leaders also praised Biden’s coalition solidarity.
The head of the European Union’s government council said the 27-member bloc maintains “firm solidarity” in supporting Ukraine against Russia’s invasion with money and political support, but that ” Ukraine needs more and we are committed to providing more.”
European Council President Charles Michel said EU governments were ready to provide “more military support, more financial means and political support” to help Ukraine defend itself and “constrain its ability to defend itself.” Russia’s ability to wage war”.
The EU has imposed six rounds of sanctions against Russia, the latest of which is a ban on 90% of Russian crude oil imports by the end of the year. The measure targets a mainstay of the Kremlin’s finances, oil and gas revenues.
Biden and the leaders of Britain, Canada, France, Germany, Italy and Japan, plus the EU, spent Sunday in both formal and informal spaces, including working sessions on the impact of war on the global economy, including inflation and infrastructure.
Biden, who arrived in Germany early Sunday, said G-7 nations, including the United States, would ban gold imports from Russia. An official announcement is expected on Tuesday when the leaders hold their annual summit.
Senior Biden administration officials say gold is Moscow’s second-biggest export after energy, and such an import ban would make it harder for Russia to enter the global market. Officials spoke on condition of anonymity to discuss the details prior to publication.
British Prime Minister Boris Johnson said the ban would “hit Russian oligarchs directly and hit the heart of Putin’s war machine”.
“Putin is squandering his dwindling resources in this senseless and barbaric war. He is costing his ego at the expense of both the Ukrainian people and the Russian people,” Johnson said. “We need to starve the Putin regime for its financing.”
According to the report of The White House.
Of Russia’s gold exports, 90% goes to the G-7 countries. More than 90% of those exports, or nearly $17 billion, are exported to Britain. The United States imported less than $200 million in gold from Russia in 2019 and less than $1 million in 2020 and 2021.
Among the issues to be discussed are energy price caps, intended to limit the profits from Russian oil and gas that Moscow can pump into its war effort. This idea was supported by US Treasury Secretary Janet Yellen.
Michel said a cap on the price of Russian oil imports is being discussed. But he said “we want to go into detail, we want to fine-tune … to make sure we have a clear understanding of what the direct effects are” should the team take such a step.
The leaders also discussed how to maintain commitments to address climate change while also addressing the critical energy supply needs caused by war.
John Kirby, a spokesman for the Biden National Security Council, said Saturday as the president flew to Germany.
Biden is also set to officially launch a global infrastructure partnership aimed at countering Chinese influence in the developing world. He named it “Rebuilding a Better World” and introduced the program at last year’s G-7 summit.
Mr. Kirby said Biden and other leaders will announce the first projects to benefit from what the US sees as “an alternative to infrastructure models that sell debt traps to low-income partner countries.” low and medium income. our economic competitiveness and national security,” he said.
After the G-7 summit concludes on Tuesday, Biden will travel to Madrid for a summit of the leaders of the 30 NATO members aimed at adjusting strategy on the war in Ukraine.
