Gathering at heights - The United States announces actions against Russia as G7 meeting commences.
The United States has recently enforced sanctions against people supporting Russia's war against Ukraine during the G7 summit. This event signifies the start of a new milestone, as these seven democratic nations desire to aid the affected country throughout their three-day meeting in Southern Italy.
The leaders of several states, including Ukraine, are gathering at the extravagant hotel "Borgo Egnazia" in Apulia today. Furthermore, the Pope will be present for the first time in this gathering. Key topics discussed at this meeting involve Ukraine, the conflict in Gaza, uneasy trade relations with China, and immigration.
The G7 consists of the United States, Canada, Japan, Britain, France, Germany, and Italy, with Italy hosting this year and being in control of the presidency. Partaking in this summit, Germany brings their Chancellor Olaf Scholz, whereas the US President Joe Biden was anticipated to arrive in Southern Italy last night. For the European Union, both its Council President Charles Michel and Commission President Ursula von der Leyen are present.
The American government previously implemented unprecedented sanctions against Russia and its supporters due to the Ukrainian attack over two years ago. The announcement of further sanctions coincided with the G7 meeting in Japan last year, hindering Russia's access to necessary items for their military campaign.
This latest action targets more than 300 individuals and institutions that have sided with Russia, circumvented these sanctions, and facilitated material production for the battlefield. It additionally implicates Chinese conglomerates. The new measures include those involved in the abduction and re-education of Ukrainian children.
Ukraine anticipates a significant aid package from the G7 summit. President Volodymyr Zelenskyy is anticipated to participate in a collaborative session with G7 members on Thursday. The group is expected to guarantee an emergency economic aid package of approximately $50 billion (approx. 47 billion euros) to Ukraine.
Historically, this assistance would materialize through a credit package funded by the interest accrued from frozen Russian state assets. This could potentially expedite the rehabilitation of Ukrainian defense and the rebuilding of infrastructure damaged during the war. Furthermore, a surplus in the Ukrainian national budget could be resolved with the aid package. The European Union has already confirmed using the interest on previously seized Russian assets to finance military assistance for Ukraine this year, with an expected collection of up to three billion euros.
The credit lever is anticipated to intensify the benefits of this assistance further. Approximately 210 billion euros of the Russian central bank's assets are currently frozen in the EU. Euroclear, the Brussels-based financial institution, has indicated profits of around 4.4 billion euros in interest generated from these assets.
According to sources, Biden is planning to give Ukraine an additional Patriot air defense system. After consulting with senior advisers, the decision was made clearer by the "New York Times," concerned individuals in the government confirming the information. A potential announcement may occur during the summit.
The US's Patriot system is one of the world's most advanced defense systems. Capable of engaging aircraft and ballistic or cruise missiles up to a distance of 100 kilometers and as high as 30 kilometers, it can impeccably protect against enemy attacks.
Biden and Zelensky are intending to sign a bilateral security agreement during the G7 summit. According to Biden's national security adviser Jake Sullivan, the arrangement will showcase the US's commitment to aid Ukraine in protecting itself. The details of this agreement remain undisclosed.
Sullivan shared that the agreement would not necessitate a pledge of deploying American troops in Ukraine. Instead, it serves as a guarantee that Ukraine could maintain its own defenses. Additionally, the partnership explores sustainability in aiding Ukraine. The specific funding is not mentioned in the agreement. In the past, Republican lawmakers in the US Congress blocked new monetary support for Ukraine for a protracted period.
For the first time in history, a Pope will join a G7 gathering. The leader of the Catholic Church will expound on artificial intelligence. Nevertheless, discussions about Africa and the Mediterranean will happen during this session, and Pope Francis frequently underlines his support for refugees and migrants who risk their lives by crossing the sea to reach Europe.
The G7 gatherings will conclude in Switzerland.
After a two-day Ukraine reconstruction conference in Berlin, the G7 summit will commence on Saturday. According to the Swiss government, approximately 40 heads of state and government have already registered for this event, while more than 160 are invited. This conference will also include numerous high-ranking government representatives.
