Biden urges G7 to stay together as leaders target Russian gold, oil price

27/6/2022 12:27:00 AM

Biden urges G7 to stay together as leaders target Russian gold, oil price

G7

Biden urges G7 to stay together as leaders target Russian gold, oil price

SCHLOSS ELMAU, Germany: US President Joe Biden told allies 'we have to stay together' against Russia on Sunday (Jun 26) as G7 leaders gathered for a summit dominated by war in Ukraine and its impact on

Oxfam and other campaign groups said the pain from food price spikes for developing countries was"visceral".They want G7 leaders to tax excessive corporate profits to help those hit by the food crisis, cancel debts of the poorest nations and to support developing countries in their battle against the food crisis and climate change.

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.Officials from some G7 countries, including Germany and Britain, are pushing for temporary waivers on biofuels mandates to combat soaring food prices, according to sources familiar with the matter.

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G7 host German Chancellor Olaf Scholz invited Senegal, Argentina, Indonesia, India and South Africa as partner nations at the summit.LinkedIn WASHINGTON: US President Joe Biden and his G7 counterparts will agree on an import ban on new gold from Russia as they broaden sanctions against Moscow for its war against Ukraine, a source familiar with the matter told Reuters on Saturday (Jun 25).LinkedIn SCHLOSS ELMAU, Germany: German Chancellor Olaf Scholz welcomes leaders of the Group of Seven rich democracies on Sunday to a three-day summit in the Bavarian Alps overshadowed by the war in Ukraine and its far-reaching consequences, from energy shortages to a food crisis.LinkedIn ELMAU CASTLE, Germany: Four G7 powers will ban Russian gold exports in a new bid to stop oligarchs from buying the precious metal to avoid the impact of sanctions against Moscow, Britain said on Sunday (Jun 26).

Many countries of the global south are concerned about the collateral damage from Western sanctions on Russia. Oxfam and other campaign groups said the pain from food price spikes for developing countries was"visceral". According to the source, the US Treasury Department will issue a determination to prohibit the import of new gold into the US on Tuesday, in a move aimed at further isolating Russia from the global economy by preventing its participation in the gold market. They want G7 leaders to tax excessive corporate profits to help those hit by the food crisis, cancel debts of the poorest nations and to support developing countries in their battle against the food crisis and climate change. The United Nations warned on Friday of an"unprecedented global hunger crisis". 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 sanctions on Russia have not directly targeted commercial gold shipments but many banks, shippers and refiners stopped dealing with Russian metal after the conflict in Ukraine began. Officials from some G7 countries, including Germany and Britain, are pushing for temporary waivers on biofuels mandates to combat soaring food prices, according to sources familiar with the matter. With Putin's Russia now under severe sanctions, the country's richest have rushed to convert their assets into gold to avoid the impact of the financial restrictions.

But Germany expects the proposal to fail to secure G7 backing due to US and Canadian resistance, a government official told Reuters on Sunday. Shares of Russian gold miners traded abroad have collapsed this year amid difficulties including selling gold and repaying loans to sanctioned banks. "The main message from the G7 will be unity and coordination of action . UNITY TESTED 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 Scholz for showing leadership on Ukraine and said Russian President Vladimir Putin had failed to break their unity. Its gold holdings have tripled since it annexed Crimea in 2014. "Putin has been counting on it from the beginning that somehow the NATO and the G7 would splinter. That's the main message, that even through difficult times . But we haven't and we're not going to," Biden said. Since starting what it calls a special operation to demilitarise Ukraine, Russia has bombed cities to rubble and civilian bodies have been found in towns where its forces withdrew.

Related: 'Kindred spirits' Biden, Scholz work to heal US-German ties The summit provides an opportunity for Scholz to demonstrate more assertive leadership on the Ukraine crisis. He vowed a revolution in German foreign and defence policy after Russia's invasion in February, but critics have since accused him of dragging his feet. Source: Reuters. we stick to our alliance," an EU official said. As missiles struck the Ukrainian capital Kyiv on Sunday, hitting an apartment block and a kindergarten, Foreign Minister Dmytro Kuleba said the G7 must respond with more weapons and tougher sanctions on Russia. Biden called the strikes acts of"barbarism". 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. The G7 leaders are also expected to discuss options for tackling rising energy prices and replacing Russian oil and gas imports.

Soaring global energy and food prices are hitting economic growth in the wake of the conflict in Ukraine, with the United Nations warning of an"unprecedented global hunger crisis". Climate change is also set to be on the G7 agenda. Source: Reuters/ec . The summit is also a chance for Scholz to capitalise on being the host by displaying more assertive leadership on the Ukraine crisis.