G7 leaders in show of unity at key summit
United States President Joe Biden and Western allies are attending a three-day summit in the Bavarian Alps intent on keeping economic fallout from the Ukraine war from fracturing the global coalition working to punish Russia’s aggression.
The Group of Seven (G7) leaders were set to announce new bans on imports of Russian gold, the latest in a series of sanctions the club of democracies hopes will further isolate Russia economically. They also were looking at price caps on energy meant to limit Russian oil and gas profits to pump into its war effort.
Following up on a proposal from last year’s G7 summit, Biden launched a global infrastructure partnership designed to counter China’s influence in the developing world. The initiative aims to leverage hundreds of billions of dollars with fellow G7 countries by 2027 for global infrastructure projects.
US officials have long argued that China’s infrastructure initiative traps receiving countries in debt and that the investments mainly benefit China.
‘‘We have to stay together, because [Russian President Vladimir] Putin has been counting on, from the beginning, that somehow Nato and the G7 would splinter, but we haven’t and we’re not going to,’’ Biden said during a meeting with German Chancellor Olaf Scholz, who holds the G7’s rotating presidency and is hosting the gathering.
Scholz told Biden he agreed the allies all managed ‘‘to stay united, which obviously Putin never expected’’.
As the leaders sat down for their opening session, they took a light-hearted jab at Putin. British Prime Miniser Boris Johnson asked if he should keep his jacket on, adding: ‘‘We all have to show that we’re tougher than Putin.’’ Canadian counterpart Justin Trudeau chimed in: ‘‘A bare-chested horseback ride.’’
Over the years, the Kremlin has released several shirtless photos of Putin.
Biden said of Putin’s war: ‘‘We can’t let this aggression take the form it has and get away with it.’’
Scholz, who has faced criticism at home and abroad for perceived reluctance to send Ukraine heavy weapons, said: ‘‘Germany and the US will always act together when it comes to questions of Ukraine’s security.’’
Other leaders echoed Biden’s praise of coalition unity. The head of the European Union’s council of governments said the 27-member bloc maintains ‘‘unwavering unity’’ in backing Ukraine against Russia’s invasion with money and political support, but ‘‘Ukraine needs more and we are committed to providing more’’.
European Council President Charles Michel said EU governments were ready to supply ‘‘more military support, more financial means, and more political support’’ to enable Ukraine to defend itself and ‘‘curb Russia’s ability to wage war’’.
The EU has imposed six rounds of sanctions against Russia, the latest being a ban on 90% of Russian crude oil imports by the end of the year. The measure is aimed at a pillar of the Kremlin’s finances – oil and gas revenues.
Biden said G7 nations, including the US, would ban gold imports from Russia. Johnson said the ban would ‘‘directly hit Russian oligarchs and strike at the heart of Putin’s war machine’’.
‘‘Putin is squandering his dwindling resources on this pointless and barbaric war. He is bankrolling his ego at the expense of both the Ukrainian and Russian people,’’ Johnson said. ‘‘We need to starve the Putin regime of its funding.’’
Gold has become the top Russian export after energy – reaching almost 5% of global gold exports in 2020.
A formal announcement was expected today as the leaders wind up their annual summit.
‘‘Putin has been counting on . . . that somehow Nato and the G7 would splinter, but we haven’t and we’re not going to.’’ US President Joe Biden