USA heralds G7 summit with sanctions against Russia
Published: Wednesday, Jun 12th 2024, 18:31
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The USA has imposed new sanctions against supporters of the Russian war against Ukraine just in time for the G7 summit. The announcement was the prelude to a further show of strength that the seven democratic industrialized nations want to undertake in support of the attacked country at their three-day summit in southern Italy. The heads of state and government of the countries will meet this Thursday in the luxury hotel "Borgo Egnazia" in Apulia. In addition to Ukraine, the Gaza war, the difficult trade relations with China and migration are also on the agenda. Guests at the summit will include Ukrainian President Volodymyr Selensky and, for the first time, the Pope.
The Group of Seven includes the USA, Canada, Japan, the UK, France, Germany and Italy, which is hosting and chairing the event this year. Federal Chancellor Olaf Scholz is traveling for Germany. US President Joe Biden was expected in southern Italy on Wednesday evening. Council President Charles Michel and Commission President Ursula von der Leyen will be attending on behalf of the EU.
New US sanctions against supporters of the war
Because of the attack on Ukraine more than two years ago, the West has already imposed unprecedented sanctions against Russia and its supporters. The US government also heralded last year's G7 summit in Japan with the announcement of new sanctions to make it more difficult for Moscow to access goods that are important on the battlefield. The new package targets more than 300 individuals and entities that support Russia in circumventing sanctions and producing battlefield materials, the US State Department said on Wednesday. This also includes Chinese companies. The new sanctions also affect individuals responsible for the abduction and re-education of Ukrainian children.
Ukraine can hope for huge aid package from G7 summit
Selensky will take part in one of the working sessions of the G7 states on Thursday. He can expect commitments during the summit. It is expected that the group will agree in principle to grant Ukraine new aid amounting to around 50 billion US dollars (approx. 47 billion euros) as quickly as possible. This is to be done with the help of a loan package financed by interest income from frozen Russian state assets. Ukraine could use the money to strengthen its defense and pay for the reconstruction of destroyed infrastructure. In addition, bottlenecks in the Ukrainian state budget could be compensated for, an EU official explained on Tuesday evening.
The EU states had already decided to make the interest income available directly to finance military aid for Ukraine. This year alone, up to three billion euros are to be raised in this way. However, the effect could now be significantly increased once again via the so-called credit lever.
According to the Commission, around 210 billion euros from the Russian central bank have been frozen in the EU. The Brussels-based financial institution Euroclear recently announced that it had collected around 4.4 billion euros in interest in 2023. It is by far the most important institution in the EU holding the assets of the Russian central bank.
Report: USA wants to supply Ukraine with another Patriot air defense system
According to a media report, US President Biden wants to provide Ukraine with another Patriot air defense system. Biden made the decision last week after a series of meetings with senior advisers, wrote the New York Times, citing unnamed sources in the government. White House communications director John Kirby did not confirm the report when asked. It is conceivable that the US government will make the announcement during the summit.
The new US Patriot system is currently in Poland, the New York Times continued. It could be deployed on the Ukrainian front in the coming days. It would be the second Patriot air defense system that the USA has made available to Ukraine.
It is one of the most modern in the world. It is used to combat enemy aircraft, ballistic missiles and cruise missiles. The defensive missiles can hit targets at a distance of around 100 kilometers and at altitudes of up to 30 kilometers in an imaginary bell around the position - depending on the missile used.
The Pope is the guest of honor
Italy's right-wing Prime Minister Giorgia welcomes her guests to the luxury resort "Borgo Egnazia", which has 28 villas and 63 suites or rooms in traditional Apulian style. There are also restaurants, pools, a golf course and a beach club. The Pope will also meet with the heads of state and government there. This is the first time a pope has ever attended a G7 summit. The head of the Catholic Church is to speak on the topic of artificial intelligence. However, the working session will also focus on Africa and the Mediterranean - and Francis repeatedly insists on solidarity with refugees and migrants who venture the dangerous sea route to Europe.
Series of summits ends in Switzerland
The G7 meeting follows on seamlessly from the two-day reconstruction conference for Ukraine in Berlin. On Saturday, Scholz and Selenskyj will continue on to the Ukraine peace conference in Switzerland, for which, according to the government in Bern, around 40 heads of state and government have registered so far. A further 40 or so states are expected to attend with other senior government representatives.
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