what to expect from the G7 which opens in Italy

what to expect from the G7 which opens in Italy
what to expect from the G7 which opens in Italy

The United States is pushing for a deal for a mega-loan of around $50 billion guaranteed by future interest earned on stranded Russian assets.

As part of the Italian presidency of the G7, the leaders of the Group of 7 (United States, Germany, France, Italy, United Kingdom, Canada, Japan) are meeting in Borgo Egnazia (Puglia) from this Thursday. Other countries are invited, including Ukraine, India and Brazil. Pope Francis will also have a unique observer role.

On the menu for this G7, several subjects mainly linked to the war in Ukraine.

Securing funding for military aid to Ukraine

An agreement on the disbursement of 50 billion dollars has been reached to arm Ukraine according to AFP. This proposal, supported by the United States, would consist of guaranteeing the loan on the basis of future interest generated by frozen Russian assets. Many questions remain, including who would issue the debt and what would happen if the assets were released in the event of a peace agreement.

For two years, the European Union and G7 countries have frozen some 300 billion euros in assets of Russia’s central bank, according to the EU. The funds are notably immobilized at Euroclear, a fund deposit organization in Belgium.

A bilateral security agreement between the United States and Ukraine should also endorse the supply of weapons and assistance to Ukraine.

Towards new sanctions against Russia

According to the spokesperson for the White House National Security Council, the G7 summit should also result in “new sanctions and export limitation measures”, which will target “entities and networks helping Russia to obtain this which she needs for her war. In the viewfinder China, Turkey and the United Arab Emirates.

Israel-Hamas conflict

The war between Israel and Hamas should also be the subject of working meetings and bilateral discussions. The G7 announced its support for the ceasefire plan currently under negotiation.

China’s unfair trade practices

China, suspected of helping Moscow, is also in the sights of the G7 for its industrial overproduction, and in particular electric cars. Additional customs duties on the import of Chinese electric cars have already been announced by the European Union. Germany, which fears “a trade war”, seems more reluctant.

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