According to an insider, the G7 heads of state will agree on an import ban on new gold from Russia. US President Joe Biden had agreed on this with his colleagues. The move is intended to cut off Russia from the gold market and further isolate it internationally, said a person familiar with the plans. The US wanted to announce the import ban on Tuesday. On Sunday, the heads of state of the G7 will meet at a summit in Elmau in Bavaria.
The G7 summit of democratic economic powers, chaired by German Chancellor Olaf Scholz, will begin consultations on the global economic situation and security policy on Sunday (12 noon). Before the opening meeting at the Austrian border, Scholz spoke with US President Joe Biden, who arrived at the conference site Sunday evening.
Price limit for buying Russian oil?
At the summit, the G7 countries want to send out a signal of unity, both in Ukraine and in energy. Also, major western industrialized countries could agree on the goal of proposing a price cap on Russian oil purchases, German government circles said Saturday night.
“We are well on our way to reaching an agreement,” he said. Ukraine can count on a signal of solidarity and further financial commitments.
US arms sales to Ukraine
Just last Thursday, the United States announced further arms supplies to Ukraine for an amount of $450 million (about EUR 428 million). Since the start of the war four months ago, the US administration has said it has pledged or has already delivered weapons and equipment worth about $6.1 billion (€5.8 billion) to Ukraine.
Also invited five host countries
The G7 includes seven of the most economically powerful democracies in the world: Germany, the US, France, Britain, Italy, Canada and Japan. EU Council President Charles Michel and Commission President Ursula von der Leyen will also participate in the summit. Scholz has also invited five host countries – democracies from Asia, Africa and South America: India, Indonesia, South Africa, Senegal and Argentina. “Our understanding of democracy falls short if we focus only on the classical West,” Scholz said.
In addition to the heads of state or government of these countries, the President of the European Council, Charles Michel and the President of the European Commission, Ursula von der Leyen, also participate in the summit. Scholz has also invited five host countries: Indonesia, India, South Africa, Senegal and Argentina.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
