GERMANY: G7 (Group of Seven) leaders began their three-day annual summit in Schloss Elmau in the Bavarian Alps of southern Germany. The G7 summit will focus on the Russia-Ukraine war, climate control among others.
As US President Joe Biden reportedly announced on Sunday morning that the G7 would impose a ban on imports of Russian gold, the ongoing Russia-Ukraine conflict, particularly new sanctions against Russia, will take centre stage during the summit of the world's major industrialised nations.
The leaders reviewed topics relating to the world economy in their first working session on Sunday. According to the host German Federal Chancellor Olaf Scholz, all G7 nations are concerned about the present challenges, which include supply chain disruptions, declining growth rates in some countries, rising prices, and shortages of raw resources.
The G7 leaders inaugurated the "Partnership for Global Infrastructure and Investment" after the afternoon working session, a $1 billion global infrastructure and investment initiative. Russian oil price caps, a policy that would force Russia to sell oil to major consumers like India at a far lower price in the future, will be examined, a source in the German federal government said on Saturday night. The G7 nations are "on the way to striking an agreement" after extensive discussion of the matter. The G7 leaders will also make a statement regarding the Russia-Ukraine conflict. During the conference, the president of Ukraine, Volodymyr Zelensky, will give a speech via video.
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