G7 countries

The summit will focus on the Russia-Ukraine conflict, climate and others, while the host dampened expectations.

In his weekly podcast released on Saturday, Scholz said that although Elmau, the summit site, “lies in the mountains, we will certainly not move mountains there.” A German federal government source said on Saturday night that price caps of Russian oil will be discussed, a measure that envisages forcing Russia to sell oil to large buyers such as India at a significantly lower price in the future. Leaders will also address the food crisis caused by the Russia-Ukraine conflict.

SCHLOSS ELMAU, Germany, June 26 (Reuters) - U.S. President Joe Biden told allies "we have to stay together" against Russia on Sunday as G7 leaders gathered ...

G7 host German Chancellor Olaf Scholz invited Senegal, Argentina, Indonesia, India and South Africa as partner nations at the summit. But we haven't and we're not going to," Biden said. Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com 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. Register now for FREE unlimited access to Reuters.com

US President Joe Biden (R) addresses a press conference next to Canadian Prime Minister Justin Trudeau and other G7 and EU leaders during the G7 Summit at Elmau ...

And I'm proud to announce to the United States and mobilize $200 billion in public and private capital over the next five years for that partnership," Biden said. Through the Partnership for Global Infrastructure, the US and other nations plan to mobilize $200 billion over the next five years, a mix of grants, federal dollars and private sector investments, in projects in a variety of nations. "I would argue that it is definitely not too late," the official added. Not just the G7, all of our people," Biden said. Yet the President has made repeatedly clear he hopes to convince fellow leaders to take a tougher line. "I think leaders are going to be looking for ways to do two things: One, continue to hold Mr. Putin accountable and to increase the costs and consequences of his war on him and his economy," Kirby said. "And if the President did get a bounce in the polls because of his leadership on Ukraine, that's very fast being dissipated. Pressed by one reporter if the decision had come up in conversation, Biden deadpanned, "With regards to Ukraine?" Biden has pitched a similar program in the past, dubbing it Build Back Better World. He also cited the fact of the NATO meeting itself -- which begins later this week in Madrid -- as a testament to Putin failing in his goals. Whether the ruling comes up in Biden's private discussions remains to be seen. he asked, before joking about how the leaders had to look tough during their talks.

US President Joe Biden urges Group of Seven to remain united against Russia as leaders meet to discuss the war in Ukraine and its impact on food and energy ...

Britain said the ban on Russian gold imports was aimed at wealthy Russians who have been buying safe-haven bullion to reduce the financial impact of Western sanctions. Mr Scholz has invited Senegal, Argentina, Indonesia, India and South Africa as partner nations at the summit. However, he said the G7 needed to work towards getting a maximum oil price and this needed the buy-in of oil producers in the Organization of Petroleum Exporting Countries and its allies in a group called OPEC+, which includes Russia. 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. 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. US President Joe Biden told allies "we have to stay together" against Russia as G7 leaders gathered in Germany for a summit set to be dominated by the Ukraine war's impact on the global economy.

Russia will be out of pocket by “tens of billions of dollars” thanks to a tough new ban on Russian gold by G7 nations.

However, it is understood that Russia is seeking new buyers for its gold, and is considering ramping up exports to China and the Middle East, which are not subject to the G7 ban. The ban was also confirmed by the UK government, which confirmed it would apply to newly mined gold and refined gold, saying: “U.K., U.S., Japan and Canada will lead G7 to ban import of Russian gold, the country’s biggest non-energy export.” “Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia.”

All leaders of the Group of Seven rich democracies are concerned about a looming economic crisis as growth slows and inflation soars, German Chancellor Olaf ...

Prime Minister Boris Johnson will call on world leaders to take urgent action to get essential food supplies out of Ukraine at the G7 Summit.

That is something the Prime Minister will be raising at the G7 today. The UK is in close discussion with the Government of Ukraine about how to maximise their rail capacity and keep both trains and grain moving. To support Ukrainian efforts to find and develop routes out of the country the UK is offering expertise to create a safe passage for commercial vessels.

G7 leaders expected to make new commitments to food security, tackling rising energy prices - Anadolu Agency.

The negative global impact of Russia’s war will be front and center of our exchanges at the G7," said EU chief Ursula von der Leyen. "The UK will continue to back Ukraine every step of the way because we know that their security is our security, and their freedom is our freedom," he added. “Now is not the time to give up on Ukraine, they need the support and resolve of the G7 more than ever," he said on Twitter. "Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," he announced on Twitter. The situation in Ukraine is expected to top the agenda with leaders promising more help to the country. As the UN has repeatedly warned of an "unprecedented global hunger crisis" as a result of the Russia-Ukraine war, the G7 leaders are expected to make new commitments to food security and tackling rising energy prices.

The leaders of the G-7 nations will announce a ban on Russian gold imports for Moscow's unprovoked invasion of Ukraine, U.S. President Joe Biden confirmed ...

Reuters reports that its holdings of gold have tripled since it illegally annexed Crimea in 2104 and the commodity is an important asset for Russia's central bank — which is already operating under severely limited conditions. Indeed, U.S., Canada and their European allies agreed in February to remove key Russian banks from the interbank messaging system, SWIFT, effectively severing the country from much of the global financial system. "Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia." - "Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," he said. As the leaders met in Munich, Germany, for the latest G-7 summit, Biden took to Twitter to confirm earlier reports of an imminent ban. - As the leaders met in Munich, Germany, for the latest G-7 summit, U.S. President Joe Biden took to Twitter to confirm earlier reports of an imminent ban.

Global Investment and Infrastructure Partnership, aimed at rivalling China, comes a year after Build Back Better World plan.

At the time the EU insisted its fund would work alongside Build Back Better World, and not be a rival. The aim would be to leverage a total $600bn (£490bn) of private and public funds by 2027, with Biden claiming $200bn over the next five years would come from the US. The fund was relaunched at the start of the G7 in Germany on Sunday as the Global Investment and Infrastructure Partnership and with the same goal of providing an alternative to the Chinese belt and road initiative that Beijing has used for more than a decade to build economic ties with developing countries.

The Partnership for Global Infrastructure and Investment will deliver game-changing projects to close the infrastructure gap in developing countries,

ABD Group credits the Memorandum of Understanding for commercial cooperation between the U.S. Government and the Government of Côte d’Ivoire with providing the necessary foundation of partnership for this deal to come to fruition. The program is expected to mobilize $2 billion in financing as a result of U.S. Government assistance, increase regional energy trade by five percent, and result in 2 gigawatts of advanced energy systems deployed. This new blended finance program for fund managers and project developers through the Digital Connectivity and Cybersecurity Partnership will promote the growth of resilient, secure digital ecosystems in developing countries. - The U.S. Agency for International Development (USAID) will aim to commit up to $50 million over five years to the World Bank’s new global Childcare Incentive Fund – $200 million public-private partnership to address the gap in suitable childcare infrastructure; boost women’s employment opportunities, productivity and income, and broader economic growth; and promote human capital and early learning for children. - The U.S. Government with U.S. firm NuScale Power LLC (Tigard, OR) will provide $14 million in support for the Front-End Engineering and Design study for Romania’s deployment of a first-of-its-kind small modular reactor (SMR) plant. Through this investment, DFC expects to mobilize $30 million in private capital. Uhuru has committed to investing at least 30 percent of capital in eligible portfolio companies that support DFC’s 2X women’s economic empowerment initiative, and over 40 percent of the Uhuru team members are women. - U.S. telecommunications company SubCom (Eatontown, NJ), awarded a $600 million contract, to build the Southeast Asia–Middle East–Western Europe 6 submarine telecommunications cable that will connect Singapore to France through Egypt and the Horn of Africa. The submarine cable will stretch over 17,000 km and connect countries across the region with high-speed, reliable connectivity. - In collaboration with G7 members as well as the European Union and multilateral organizations, the U.S. International Development Finance Corporation (DFC) is disbursing a $3.3 million technical assistance grant to Institut Pasteur de Dakar (IPD) for early-stage project development for an industrial-scale flexible multi-vaccine manufacturing facility in Senegal with potential annual capacity of millions of doses of COVID-19 and other vaccines, potentially using both viral vector and mRNA technologies. Addressing the current pandemic and preventing and preparing for the next one is crucial to U.S. economic and national security. In addition to supporting up to $1.3 million in U.S. exports, the project will help Angola meet their climate commitments, including generating 70% carbon-free power by 2025. Over the past year, members of the Administration have traveled to hear directly from countries on how we can meet their infrastructure needs, deepened our coordination across the U.S Government and with the G7, honed our infrastructure investment tools, and closed game-changing deals.

The announcement came on a day that saw the G7 leaders openly mock the macho image of their absent adversary Vladimir Putin.

Get a note directly from our foreign correspondents on what’s making headlines around the world. French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating. Friederike Roder, vice president of the non-profit group Global Citizen, said the investment could lead to greater engagement by G7 countries in developing nations and could underpin stronger global growth for all. “I want to be clear – this isn’t aid or charity. US President Joe Biden and other G7 leaders relaunched the newly renamed Partnership for Global Infrastructure and Investment at their annual gathering in Schloss Elmau in southern Germany. Schloss Elamau, Germany: Group of Seven (G7) leaders on Sunday pledged to raise $US600 billion ($846 billion) in private and public funds over five years to finance infrastructure in developing countries and counter China’s multitrillion-dollar Belt and Road project.

Group of Seven leaders have pledged to raise $US600 billion ($A864 billion) in private and public funds over five years to finance infrastructure in ...

It's an investment that will deliver returns for everyone," Biden said, adding it would allow countries to "see the concrete benefits of partnering with democracies". Friederike Roder, vice president of the non-profit group Global Citizen, said the pledges of investment could be "a good start" toward greater engagement by G7 countries in developing nations and could underpin stronger global growth for all. "I want to be clear. The US Agency for International Development will also commit up to $US50 million ($A72 million) over five years to the World Bank's global Childcare Incentive Fund. The US would mobilise $US200 billion ($A288 billion) in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change and improve global health, gender equity and digital infrastructure, Biden said. Group of Seven leaders have pledged to raise $US600 billion ($A864 billion) in private and public funds over five years to finance infrastructure in developing countries and counter China's multi-trillion-dollar Belt and Road project.

To give another blow to the Russian economy, US on Sunday said that the Group of Seven (G7) countries are going to announce sanctions on Russian gold.

More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. He added that the sanctioning of Russian gold has been hailed as one of the summit's achievements and is likely to go ahead. Last year, they were worth 12.6 billion pounds (USD 15.45bn) and wealthy Russians have been buying bullion to reduce the financial effect of Western sanctions.

G7's Partnership for Global Infrastructure and Investment to help finance infrastructure in developing countries.

It’s an investment that will deliver returns for everyone,” Biden said, adding that it would allow countries to “see the concrete benefits of partnering with democracies”. French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating. “I want to be clear.

Members of the Group of Seven wealthy nations have announced a ban on imports of Russian gold as a three-day summit in the Bavarian Alps begins.

"Ukraine can win and it will win. But they need our backing to do so. At the same time, they will aim to minimise "as much as possible the effect of these rising oil prices and the way (Putin) has weaponised energy". John Kirby, National Security Council spokesman at the White House, said the G7 will be seeking to hold Russia accountable and to increase the costs and consequences of the war on Putin and his economy. In a show of their resolve to heap pressure on Moscow, the G7 announced that it will outlaw imports of Russian gold which the US said is the second largest export for Russia and a significant source of revenue for Vladimir Putin and his allies. According to the White House, Russia accounted for about five percent of all gold exports in 2020 and 90 percent of Russia's output went to G7 countries - mostly to Britain.

The idea of an oil price cap comes at a time when the high price of crude means Russia's oil export revenue has not necessarily declined despite Western ...

The EU and UK already agreed to co-ordinate on an insurance ban, but London has not completed its scheme. “We need to starve the Putin regime of its funding,” said Mr Johnson. Charles Michel, president of the European Council, said the EU was ready to decide with its partners on a price cap but stressed the need for a “clear vision” and awareness of possible knock-on effects. The blockade of Ukrainian ports has raised concern over food shortages in developing countries while Russia’s decision to cut gas supplies to Europe is threatening a continent-wide energy squeeze. The EU in May agreed to a phased-in ban on seaborne Russian oil shipments while temporarily allowing crude deliveries via pipeline to continue. On Monday, caps will be debated with a broader group as the leaders of Germany, the US, UK, France, Italy, Japan and Canada are joined by “partner” countries invited to the summit.

G7 nations have launched Partnership for Global Infrastructure and Investment (PGII) with an aim to mobilize $600 billion by 2027 in global infrastructure ...

We deliver over 10 - 15 high quality articles with expert insights and views. As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. More than 100 countries have signed agreements with China to cooperate in BRI projects like railways, ports, highways and other infrastructure.

A working dinner during the first day of the G7 summit at Bavaria's Schloss Elmau castle, near Garmisch-Partenkirchen, Germany, on June 26.

"The activities happening in the area of Syevyerodonetsk are a tactical regrouping of our troops. On the first day of the war they found themselves facing a new danger, as Russian tanks rolled through their villages -- and opened fire. So the Ukrainian forces are leaving for higher ground to continue the defense operations," he said. Vilnius shut the route for transport of steel and other ferrous metals, which it says it is required to do under EU sanctions that took effect on June 18. For all of RFE/RL's coverage of the war, click here. It claimed in a statement that damage to a nearby residential building had been caused by a Ukrainian air- defense missile. Klitschko said one person was killed and six were injured, including the 7-year-old, who was in stable condition after surgery. The White House said it would implement sanctions on hundreds of individuals and entities, adding to the more than 1,000 already sanctioned. For all of RFE/RL's coverage of the war, click here. A previous test of the Zuljanah took place in February 2021. It said that two other state-owned steel companies -- Mobarekh and Hormozgan -- had been targeted in the attack, adding that all three companies were affiliated with Iran's Revolutionary Guard Corps (IRGC). For all of RFE/RL's coverage of the war, click here.

Group of advanced economies aims to restrict Moscow's ability to import technology for its military.

President Joe Biden and fellow world leaders, huddling in the Bavarian Alps, heard Monday from Ukrainian President Volodymyr Zelensky as they mull the next ...

How, when and by how much the price of Russian oil will be capped remains to be seen. "And if we let Putin get away with it, and just annex, conquer sizable parts of a free, independent, sovereign country, which is what he is poised to do ... then the consequences for the world are absolutely catastrophic." Officials said the precise mechanism for accomplishing the cap was still being worked out. High oil prices mean Russia is making more revenue from its energy exports, despite bans in Europe and the United States. The US will also announce $7.5 billion in new funding for Ukraine, part of a broader commitment from G7 nations to help the country make up its budgetary shortfalls. His entreaties will become more urgent following Sunday's missile hits on two residential buildings in Kyiv, the Ukrainian capital that had enjoyed relative calm in recent weeks as the fighting moved eastward.

The Group of Seven rich democracies will commit on Tuesday to a new package of coordinated actions meant toraise pressure on Russia over its war in Ukraine, ...

Western sanctions have hit Russia's economy hard and the new measures are aimed at further depriving the Kremlin of oil revenues. G7 nations, which account for nearly half the world's economic output, are determined to crank up the pressure on Russia without stoking already soaring inflation that is particularly hurting the global south. Register now for FREE unlimited access to Reuters.com

Some of the world's wealthiest nations are banning the import of Russian gold to further tighten the vise on Russia's economy.

"If it happens, India can receive gold at a discounted rate." Meanwhile, some European nations want further discussions on the potential impact. "The ban could create a supply shortage due to the unavailability of Russian gold," said Iyer. "Gold booked a very modest gain on the back of the announcement but it is nothing that will structurally change the directional outlook for gold," said Jeffrey Halley, senior market strategist for Oanda, on Monday. The price of gold rose 0.5% to $1,836.03 on Monday. However, analysts said that the ban would not have a significant impact on the longer term outlook for gold prices. on Sunday. "Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia," he added.

The G7 is an informal group of the leading industrial nations – the US, the UK, Canada, France, Germany, Italy, and Japan. Since 2014, Narendra Modi has ...

"I will be exchanging views with the G7 countries, G7 partner countries and guest international organisations on topical issues such as the environment, energy, climate, food security, health, counter-terrorism, gender equality and democracy. With rising inflation and shortages of food, the food crisis will be discussed at the summit. Today, we are re-launching our joint work as “Partnership for Global Infrastructure and Investment" -@Bundeskanzlerat a side event of the G7 Summit. #G7GER pic.twitter.com/PqTEOdsRfI With Zelenskyy joining the summit virtually, the Russia-Ukraine war which has now entered its fifth month will be up for deliberations. The first meeting was an initiative of then-French president Valéry Giscard d’Estaing and the German chancellor Helmut Schmidt and was held in Chateau de Rambouillet, 50 kilometres south-west of Paris. Last year, Modi was invited by UK prime minister Boris Johnson to the Cornwall Summit, where India’s participated virtually. That’s not the goal here. Modi will hold bilateral meetings with world leaders at the two-day summit, which started on Sunday. He is likely to speak at two sessions on issues concerning the environment, food security, health, gender equality, and democracy. I look forward to meeting leaders of some of the participating G7 and guest countries on the sidelines of the Summit,” the prime minister said in an official statement. “It is not about trying to splinter them off or coax them away from any other association or partnership that they might have with another country. This year, it is Germany’s turn. It was formed in 1975, as the world suffered from the first oil shock and financial crisis.

Schloss Elmau, Germany | German Chancellor Olaf Scholz welcomed leaders of the Group of Seven rich democracies on Sunday to a three-day summit in the ...

It was also a mistake to think of the Ukraine war as a local matter. Then too, Russian aggression against Ukraine dominated the agenda a year after Moscow’s invasion of Crimea. “It’s more than this. “The summit must send not only the message that NATO and the G7 are more united than ever, but also that the democracies of the world stand together against Putin’s imperialism just as they do in the fight against hunger and poverty,” Mr Scholz told the German parliament last week. German Chancellor Olaf Scholz welcomed 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. The G7 leaders are expected to seek to show a united front on supporting Ukraine for as long as necessary and cranking up pressure on the Kremlin – although they will want to avoid sanctions that could stoke inflation and exacerbate the cost of living crisis affecting their own people.

The G7 summit is an annual conference that sees political figures from key countries come together to discuss global issues. Here's where the 2022 event is ...

Joe Biden's reaction (opens in new tab) to meeting the Queen for the first time at the G7 summit also made headlines. Part of this commitment is to speed up the switch to renenewable global energy resources. Canada, France, Germany, Italy, Japan, the UK and the United State of America make up the members. It's also renowned for hosting international conferences and meetings - like the G7 summit. Currently in the news is the G7 summit - a conference taking place between 26 and 28 June - that has seen international leaders such as Boris Johnson and Joe Biden leave their respective countries for pressing global talks. A spokesperson for German Chancellor Olaf Scholz confirmed the Schloss Elmau would once again pay host for the 2022 summit on December 14, 2021.

Prime Minister Modi is attending the G7 summit held in the Alpine castle of Schloss Elmau in southern Germany following an invitation by German Chancellor ...

This will be our greatest contribution to the coming generations," he said. The goal of this campaign is to encourage an eco-friendly lifestyle," he said. "I called for a movement called LIFE - Lifestyle for Environment - in Glasgow last year. Today, a huge market for clean energy technologies is emerging in India," the Prime Minister said. India's huge railway system will become net zero in this decade," he said. India has the world's first fully solar power operated airport.

Ukrainian President Volodymyr Zelenskyy on Monday underscored the urgency of helping his country's military improve its position against Russia in the ...

Additional aid includes more ammunition for Ukrainian artillery, as well as counter-battery radars, to support its efforts against the Russian assault in the Donbas, the person said. NASAMS is the same system used by the US to protect the sensitive airspace around the White House and US Capitol in Washington. The G7 already is committed to help finance Ukraine's immediate needs. After hearing from Zelenskyy, the leaders pledged in a statement to support Ukraine "for as long as it takes." Zelenskyy also told the leaders that now is not a time for negotiation with Russia because he needs to be in stronger position first, according to a senior French diplomat. US national security adviser Jake Sullivan said Zelenskyy's top request was for further air defence systems, followed by economic support to assist his government in meeting its financial obligations.

Ukraine's President Volodymyr Zelensky addressed the leaders of the UK, US, Canada, Japan, France, Germany and Italy by video link, urging them to supply ...

Mr Zelensky’s address to G7 leaders was delivered in private. Russia was added to form the G8 in 1998, but was excluded in 2014 after it invaded Crimea. However are part of a wider G20, which also includes Brazil, Indonesia and South Africa. The G7 website states: “In past years the G7 has taken action to strengthen the global economy and combat tax evasion, save 27 million lives from Aids, tuberculosis and malaria, and support the education of millions of children in the poorest countries. The group was formed in March 1973 and was initially known as the “Library Group”, due to the first meeting – which included just the US, UK, France and West Germany – being held in the library of the White House. The leaders of some of the world’s most powerful country have gathered for a G7 summit in a luxury resort in Germany’s Bavarian Alps.

G7 leaders pledged to raise $600 billion to finance infrastructure in developing countries. Observers hope the scheme will underpin stronger global growth.

We are opposed to pushing forward geopolitical calculations under the pretext of infrastructure construction or smearing the Belt and Road Initiative.” It's an investment that will deliver returns for everyone," Biden said, adding that it would allow countries to "see the concrete benefits of partnering with democracies." French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating. Friederike Roder, vice president of the non-profit group Global Citizen, said the pledges of investment could be "a good start" toward greater engagement by G7 countries in developing nations and could underpin stronger global growth for all. "I want to be clear. Group of Seven leaders pledged to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China's older, multitrillion-dollar Belt and Road project.

G7 or 'Group of 7' members are political and economic heavyweights with massive power to influence global points of interest. Which states are involved, and is ...

Germany assumed the G7 Presidency on 1 January 2022, and is currently hosting the G7 summit in the Bavarian Alps. In its first few years, the G7 primarily focused on developing the global economy, and expanded into addressing security policy and foreign policy in the 1980s. The member countries collectively share 40% of global GDP and 10% of the world’s population.

The investment will support projects in low- and middle-income countries that help tackle climate change and improve global health, gender equity and digital ...

We are opposed to pushing forward geopolitical calculations under the pretext of infrastructure construction or smearing the Belt and Road Initiative.” It's an investment that will deliver returns for everyone," Biden said, adding that it would allow countries to "see the concrete benefits of partnering with democracies." French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating. Friederike Roder, vice president of the non-profit group Global Citizen, said the pledges of investment could be "a good start" toward greater engagement by G7 countries in developing nations and could underpin stronger global growth for all. "I want to be clear. Group of Seven leaders pledged to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China's older, multitrillion-dollar Belt and Road project.

The leaders of the Group of Seven (G7) economic powers are meeting in the Bavarian Alps this week, with support for Ukraine foremost on the agenda.

Start your Independent Premium subscription today. Nothing should be off the table.” “Only Putin can end this needless and futile war.

The leaders of the world's largest democratic economies announce new sanctions and tariffs levelled against Russia, with more arms and defence systems going ...

According to Mr Scholz, "rebuilding Ukraine will be a task for generations." And that's what we're going to continue to do." "His goal is to end the war as quickly as possible and to get out of it in the best possible position so that he can negotiate from a position of strength," the diplomat said, adding that Mr Zelenskyy told the summit leaders that he needed economic, financial, and military support.

The Group of Seven rich nations are debating a global price cap for Russian oil that would curb Moscow's energy revenues and potentially limit its ability ...

France has said the oil price cap mechanism should extend beyond Russian products so that it had a broader impact to reduce prices. The price would still have to be high enough for Russia to keep exporting. So if a shipper or importer wanted these services they would have to commit to the Russian oil being sold for a set maximum price.

They also pledged to continue “sustaining and intensifying international economic and political pressure” on the government of Russian President Vladimir Putin ...

That came shortly after US President Joe Biden said on Sunday the G7 planned to ban the import of Russian gold. The participants at the meeting also pledged to “further reduce dependency on Russian energy”, with a senior US official telling reporters earlier in the day that the G7 countries were working to “develop mechanisms to set a global price cap for Russian oil in shipments to countries outside of the US, EU, the UK, and the broader G7”. We will continue to increase pressure on Putin. This war has to come to an end.

G7 Summit held in Germany amid Russia-Ukraine war. India invited as partner country, along with Indonesia, Argentina, Senegal and South Africa.

The previous meeting took place during the PM’s visit to Berlin on 2 May for the India-Germany Inter-Governmental Consultations. Excellent meeting with@BundeskanzlerScholz. Thanked him for the warm hospitality during the @G7Summit. We discussed cooperation in key sectors like commerce and energy. We also had deliberations on furthering environmentally friendly growth for our planet. India has come under severe criticism from Europe for its decision to continue buying Russian oil despite the western sanctions on it, but has hit back. “Today, a huge market for clean energy technologies is emerging in India. The G7 countries can invest in research, innovation and manufacturing in this field. We will continue to increase pressure on Putin. This war has to come to an end.

Across the G7, different policy approaches to Covid-19 have led to varying outcomes for national labour markets. Analysis of data two years on from the ...

Across the board, the share of fiscal spending as a share of GDP was high, with the United States spending the most proportionally. The extra burden of home schooling, which fell disproportionately on women in the UK, may also have caused more women of working age to withdraw from the workforce, and become inactive. Protecting both lives and livelihoods was at the heart of public policy across the G7 during Covid-19. Different countries adopted different strategies to protect their labour markets, which placed greater emphasis on either direct transfers or income support. Flows into inactivity have been particularly large in Italy, the United States and Canada. This is perhaps a result of lockdown measures discouraging people from searching for jobs. But these numbers do not include the impact of automatic stabilisers – the (non-discretionary) increases in transfers and falls in tax revenues caused by a negative economic shock. Figure 1 outlines the level of spending by each country on fiscal measures to offset the negative impact of lockdown on household incomes. European countries seemed to have favoured spending more on the former area compared with Northern American countries, which made greater use of the latter. The Organisation for Economic Co-operation and Development (OECD) estimates that job retention schemes were supporting 50 million jobs across its member countries by May 2020. For example, the European Commission recommended a stimulus plan of 1.2% of GDP for member countries during the global financial crisis of 2007-09. The chart plots the level of spending on non-health measures and forgone revenues in response to the pandemic as a share of 2020 GDP. The strictness of lockdown measures varied by country and over time. Across the G7, different policy approaches to Covid-19 have led to varying outcomes for national labour markets.