Joe Biden urges G7 leaders to “Stay Together” against Russia

Jun 27, 2022: According to a report by Reuters, US President Joe Biden told allies “we have to stay together” against Russia on Sunday as G7 leaders gathered for a summit dominated by war in Ukraine and its impact on food and energy supplies and the global economy.

At the start of the meeting in the Bavarian Alps, four of the Group of Seven rich nations moved to ban imports of Russian gold to tighten the sanctions squeeze on Moscow and cut off its means of financing the invasion of Ukraine.

Britain said the ban was aimed at wealthy Russians who have been buying safe-haven bullion to reduce the financial impact of Western sanctions. Russian gold exports were worth $15.5 billion last year.

The G7 leaders of Britain, France, the United States, Germany, Japan, Italy and Canada, were also having “really constructive” talks on a possible price cap on Russian oil, a German government source said.

The G7 leaders did agree on a pledge to raise $600 billion in private and public funds for developing countries to counter China’s growing influence and soften the impact soaring food and energy prices.

An EU official said G7 countries would impress upon the partner countries that food price rises were the result of Russia’s actions not Western sanctions.

Western countries rallied around Kyiv when Russia invaded Ukraine in February, but more than four months into the war, that unity is being tested as soaring inflation and energy shortages rebound on their own citizens.

At the start of a bilateral meeting, Biden thanked Germany’s chancellor Scholz for showing leadership on Ukraine and said Russian President Vladimir Putin had failed to break their unity.

The G7 leaders are also expected to discuss options for tackling rising energy prices and replacing Russian oil and gas imports, as well as further sanctions that do not exacerbate the cost-of-living crisis affecting their own populations.

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