Russian strike on Kyiv loom at G7 summit, #Russia #strike #Kyiv #loom #summit welcome OLASMEDIA TV NEWSThis is what we have for you today:
Telfs, Austria — Leaders of a group of seven countries stopped buying gold from Moscow on Sunday and talked about a new US proposal to reduce oil revenues even if Russian troops drop missiles on Kieu for the first time in weeks. We talked. The escalation of the duel emphasized how the war in Ukraine consumed world politics and the world economy.
President Byden and the British government said members of seven groups in Canada, France, Germany, Italy, Japan, the United Kingdom and the United States would move to ban Russia’s gold imports on Tuesday. Representatives of the assembled countries were also negotiating for an agreement to buy Russian oil only at a significant discount.
US officials see both gold import bans and oil price caps as ways to reduce the main source of income for Moscow’s war effort and further isolate it from the international financial system. Such promotion was the subject of the conference, both publicly and behind the scenes, as leaders sought to plan solidarity with Ukraine. On Monday, Ukrainian President Volodymyr Zelensky will address the summit.
In the fifth month of the battle in Ukraine, the leaders of a group of seven of the world’s wealthiest and largest democracies are facing Russia in the face of an expanding war on the world economy. On the other hand, we are trying to maintain unity. Western sanctions aimed at causing pain to Russia have skyrocketed food and energy prices around the world, even though Moscow’s war machinery showed little sign of slowdown.
Russia appeared to send a message of rebellion to G7 leaders when it fired a new missile at Kieu’s apartment on Sunday morning, killing at least one person. The top three floors of a nine-story building were reportedly destroyed. Rescue teams were able to pull a seven-year-old girl out of the rubble, but her father was killed and her mother, a Russian citizen, was injured, officials said.
Russia also expanded its use of cruise missiles over the weekend and launched dozens of strikes on targets across the country. In addition to the attack on Kyiv, an explosion was reported in a city northeast of Kharkiv on Sunday, and air raid sirens were heard in several other cities.
“It’s a nightmare,” said one woman, watching the building of Kieu’s apartment burn. “When will it end?”
At the welcome ceremony of the G7 Summit in the Bavarian Alps on Sunday, Mr. Biden briefly answered a reporter who asked about the Russian strike. “It’s a lot of their savagery,” he said.
German Chancellor Olaf Scholz also condemned the attack, saying it reflected the “brutal” nature of Russia’s war against Ukraine. He vowed German solidarity by presenting a united front to Moscow.
A better understanding of the Russian-Ukraine war
British Prime Minister Boris Johnson and Canadian Prime Minister Justin Trudeau were listened to by reporters who ridiculed Russian President Vladimir Putin and joked that he should take off his shirt before the luncheon. .. horse riding.
The first steps to renew the group’s solidarity officially began before the summit, and a ban on gold imports from Russia was announced.
Russia is one of the world’s largest producers of gold, and metals are the second most valuable export after energy products. Most of these exports are destined for G7 countries, especially the United Kingdom, via London’s gold trading hub. Russia exported nearly $ 19 billion in gold in 2020, almost all of which went to the United Kingdom.
Gold sanctions follow a wide range of measures to reduce Russia’s export revenues.
The United States will ban oil and gas from Russia, and Europe will ban most Russian oil while reducing gas imports by the end of the year. The United States, the European Union and their allies have also imposed sanctions on Russian officials and other members of the elite, as well as penalties on Russian banks, airlines and other companies.
However, although Russia’s oil exports have fallen sharply under sanctions, soaring fuel prices have increased revenues from oil sales. And consumers around the world are facing increasing pain with gasoline pumps. With this combination, G7 leaders are looking for ways to reduce Russia’s earnings and relieve energy price pressures that contribute to global high inflation.
US Treasury Secretary Janet L. Yellen said the best way to reach both goals is to impose a so-called price cap on Russia’s oil sales to Europe, with Moscow making more oil more effective. I personally tell foreign leaders that it is to be available for sale in Moscow. The world market, but to regain much less income from it.
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June 26, 2022 5:05 pm ET
Leaders have not yet provided details on how that approach works, but it works in harmony with existing sanctions as Europe’s export bans are phased in over several months. It’s possible, but the price cap can go online much faster.
Proponents of this idea, especially some senior Ukrainian economies, will demand even cheaper prices from Moscow in other countries that are currently buying Russian oil at discounted prices, such as India and China. It states that it will be.
An economist at the Massachusetts Institute of Technology and a Russian tanker tracking group.
“There is no other positive idea I know that this will affect Putin’s income from fossil fuels over the next five months,” he said.
Yellen, according to people familiar with the conversation, helps stabilize the global oil market, so such an upper limit is the only one that can now be done to minimize the possibility of a global recession. He told foreign leaders that it was the best and helped reduce the risk of another price surge.
This plan may prove ineffective, especially if the price cap is set too low. Russia may refuse to sell at extreme discounts, instead paying to cap wells and limit oil production. India and China can continue to pay more for oil than European countries and can bring Putin more income.
Some European leaders, including Germany, resisted this idea, but seemed to warm it up at the summit. Biden administration officials told reporters Sunday that the staff continued to discuss the idea as a bystander.
Russia was not the only global enemy that caught the attention of its leaders on Sunday. Later in the afternoon, they detailed plans to invest in infrastructure projects in less wealthy countries around the world, an initiative aimed at countering China’s expanding influence over the Belt and Road Initiative.
The announcement came a year after Biden urged fellow leaders at the G7 meeting to act boldly to combat China’s growing influence in parts of Latin America, Africa and Europe. It was a remarkable starting point for meetings that focused primarily on things. About Russia’s efforts in the war in Ukraine.
But on Sunday, it was unclear whether Mr Biden and his counterparts would actually deliver enough money somewhere to meet the scale of China’s long-standing efforts.
Biden’s senior government officials said the initiative mobilized $ 600 billion across G7 countries to fund a wide range of projects such as low carbon energy, childcare, telecommunications, water and sewer upgrades, and vaccine adoption. He said he was aiming to do it. more. Mr Biden said the $ 200 billion commitment comes from the United States.
Government officials told reporters that the program could be completed quickly and efficiently, prioritizing investment in projects that meet stringent labor and environmental standards. Authorities are also far more likely to help emerging economies achieve faster and more sustainable economic growth than China’s lending, which the government describes as a “debt trap” for poor countries. I tried to cast a new program.
However, much of the G7’s promised money announced on Sunday is not direct government spending. It is a combination of both public and private funding and may not be possible.
Valerie Hopkins contributed to the report from Kieu, and Melissa Eddie contributed to the report from Garmisch-Partenkirchen, Germany.
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