ELMAU, GERMANY — Inflation, supply chain disruptions and Russian sanctions will be on the agenda on the first day of the Group of Seven summit, which President Joe Biden is attending this week alongside the leaders of France, Germany, Canada, the UK, Italy and Japan.
G-7 leaders will discuss new ways to crack down on Russian President Vladimir Putin for his invasion into Ukraine, the White House says, and announce the launch of an infrastructure initiative that is meant to help low- and middle-income countries address their development problems better.
- Punishing Putin: G-7 nations will be looking for additional ways to weaken Russia’s economy and discipline Putin.
- It’s a balancing act: Leaders will also discuss how they can bring down oil prices and minimize Russian retaliation against countries that abide by sanctions.
- What’s complicating their decisions: Russia has already slowed the flow of gas to European countries that rely on the nation with large oil reserves, sparking fears of an energy crisis on the continent next winter.
What’s about to happen
What they’re considering: A source familiar with the discussions said the U.S. plans to ban imports of Russian gold. Other G-7 nations are expected to follow suit.
What they are saying
- “They’ll do a signals check before the summit, and they’ll continue to closely coordinate, as they have been, on supporting Ukraine, holding Russia accountable, and, of course, other important priorities between the two of us,” National Security Coordinator for Strategic Communications John Kirby told reporters on Saturday.
President Biden’s first bilateral meeting of his weeklong trip will be with Germany’s Olaf Scholz, a relatively newer leader who replaced longtime Chancellor Angela Merkel late last year.
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World leaders will hold sessions on a range of challenges while in Germany.