ELMAU: The leaders of the G7 group of wealthy nations concluded a summit in Germany on Tuesday during which they were able to project a message of unity in the face of Russia’s war on Ukraine, but which critics say failed to deliver in key areas.
In a final summit declaration, the leaders of Britain, Canada,France, Germany, Italy, Japan and the United States agreed to support Ukraine and its war effort “as long as necessary”, reduce dependence on Russian energy and ramp up punitive measures against Moscow.
“The G7 stand closely and unwaveringly by the side of Ukraine”, German Chancellor Olaf Scholz said as he concluded the summit, which was hosted by Germany at the alpine Schloss Elmau resort.
“We will continue to drive up the economic and political costs of this war for President (Vladimir) Putin and his regime — for this, it is important to stand together”, he added.
French President Emmanuel Macron said that Russia “cannot and should not win” the war in Ukraine and described a deadly missile attack on a shopping mall in a central Ukrainian city on Monday as “a new war crime.”
The seven leading economies pledged $29.5 billion to ensure basic services for Ukrainians and agreed to organise a conference to organise post-war reconstruction, while the US yielded to Kiev’s urgent call for an air defence system to protect its cities.
They announced a ban on imports of Russian gold, which US President Joe Biden said would impose “unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine.”
Though Biden’s administration pushed fellow G7 nations for an agreement to cap the price of Russian oil, the summit was not able to deliver a breakthrough on the issue, with Scholz admitting that such a project was “very ambitious” and would require “a lot of work.”
The aim of the cap is to prevent Moscow from benefiting from price increases that are swelling its war chest while protecting oil-purchasing countries from the volatility likely to arise from an embargo on Russian oil going live at the end of the year.
Also at the summit, G7 leaders pledged $4.5 billion to improve global food security against the backdrop of a looming hunger crisis triggered by Russia’s war on Ukraine.
The war in Ukraine, now in its fifth month, is preventing grain from leaving the country’s ports and making food more expensive globally, with experts and aid groups warning of a potential for famine in parts of Africa. Moscow blames Western sanctions for the food crisis.
NGOs and others commentators were quick to point out that the amount pledged fell far short of what was actually required to stave off a hunger crisis.
Oxfam Germany said that at least $29 billion would be required to end hunger and finance the United Nations’ urgent appeals for food aid.
The summit declarations are “intended to distract from the historic failure of the G7”, a spokesperson said.
Stephan Exo-Kreischer of One Germany concurred that the amount pledged by G7 nations fell far short of what was required, saying that the World Food Programme required $21.5 billion this year alone.
“Moreover, the G7 have not yet answered how they intend to help break the blockade on the Black Sea”, he said. Also on Tuesday, the G7 leaders agreed to establish a so-called “climate club” by the end of the year. Scholz had proposed the club to enable countries who wanted to move faster on climate change to work together. Detailed targets of what the ‘club’ hoped to achieve were however missing. — dpa
