G7 summit begins in Germany in south Balvarian Alps Schloss Elmau – Leaders of the Group of Seven (G7) kicked off their three-day annual summit on Sunday amid lower expectations and protests.
VIDEO: G7 leaders gather for the official summit photo outside the castle of Elmau, in the Bavarian Alps pic.twitter.com/y2CBPsMaRH
— AFP News Agency (@AFP) June 26, 2022
The summit will focus on the Russia-Ukraine conflict, climate and others, while the host dampened expectations.
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.
Britain said the ban was aimed at wealthy Russians who have been buying safe-haven bullion to reduce the financial impact of Western sanctions. Russian gold exports were worth $15.5 billion last year.
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.
“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,” President Joe Biden said as the leaders of the world’s wealthiest nations gathered in the Bavarian Alps.
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