top G7 In the Bavarian castle of Elmau, 1000 meters above sea level, dominant ukraine war and the seven powers’ determination to isolate Moscow, but also addressed issues such as the food crisis and the scourge of slave labor.
Sanctions on Russian oil and gold
The main supporter of the adoption of new sanctions against Russia was the United States, supported by the United Kingdom. Among the measures eventually agreed upon are the cap on oil prices, as well as Russian gold export ban, One of the spots where President Joe Biden arrived in Elmau on Sunday. In the case of France, Germany and Italy, these are objectives that have not yet been stated, as the new sanctions must be undertaken by all 27 members of the European Union (EU).
More support for Ukraine
G7 Heads of State and Government made a statement. international conference for reconstruction Ukraine and a plan for this purpose that will be coordinated and implemented by kyiv. “We will stand by Ukraine as long as necessary and provide financial, humanitarian, military and diplomatic assistance to boldly defend its sovereignty and territorial integrity,” the leaders said. In the text, it was stated that in 2022, there was more than $2.8 billion in financial support for humanitarian aid to Ukraine, and that the G7 was willing to provide $29.5 billion in budgetary support, or approved that amount and provided the available tools.
Fighting the climate crisis
G7 leaders reaffirmed their commitment to the Paris Agreements and “clean and fair” climate neutrality it also guarantees energy security. In this sense, they promised progress on decarbonisation, which will also be one of the key goals of the Climate Club, a new forum open to everyone that the G7 plans to establish before the end of the year. However, to the disappointment of environmental organizations, they did not announce specific targets and remained on their toes on natural gas.
Damage to the global economy
The statement states: most Russian aggression against Ukraine worsened the economic impact of the coronavirus pandemic coronavirus and slowed the recovery that began in the second half of 2021. Sharp rises in energy and food prices have pushed inflation to levels not seen in decades. Given this, the statement confirms the need to promote multilateral action and aid formulas for the most vulnerable countries, including debt restructuring.
food crisis
The predominant theme was war, but also their destruction in the world economy and war. Concern about a global famine that could affect 300 million peopleAs a result of Russia’s blockade of Ukrainian wheat. The seven powers eventually supported the US proposal to allocate 5,000m euros to combat food insecurity. Half of these funds will be provided by the United States.
against slave labor
The G7 includes the fight against slave labor in supply chains in its conclusions. Well, exclude products produced under exploitative labor conditions from global trade. This is considered a milestone because, as labor slavery mainly affects children in the underprivileged world, such a statement has so far not been achieved at the scale of the seven great powers apparently determined to combat the scourge of child labour. It is also considered a warning signal in the direction of China.
Support for infrastructure plan against China
The G7 undertook President Biden’s plan presented in Elmau to support infrastructure building in low- and middle-income countries that bring Asia and Europe closer together, with an undersea cable serving, for example, to strengthen digital trade between these two continents. To counter China’s advance on the Silk Road. Up to $600,000 million will be allocated for this purpose by 2027.
Source: Informacion
