- The Group of Seven (G7) countries began their annual summit on June 13, 2024.
- The diplomats said they had agreed in principle to a plan to provide Ukraine with a $50 billion loan using interest on Russian state assets.
- Pope Francis is scheduled to deliver a keynote address on artificial intelligence on the second day of the conference.
G7 leaders kicked off their annual summit on Thursday, many of them grim at home but determined to make a difference on the world stage, to support Ukraine and counter China’s economic ambitions.
Ahead of two days of talks, diplomats said they had agreed in principle to a plan to provide Ukraine with a $50 billion loan using interest on Russian state assets frozen after Moscow launched its 2022 invasion of neighboring Ukraine.
Western nations share concerns about Chinese industrial overcapacity that they say is distorting global markets and a determination to help African countries develop their economies, diplomats said.
Russia threatens to seize U.S. assets in response to possible confiscation of foreign reserves
“There is a lot of work to be done, but I am convinced that over these two days we will have discussions that will lead to concrete and measurable results,” Italian Prime Minister Giorgia Meloni told guests at the start of the G7 summit at a luxury resort hotel in the southern region of Puglia.
While Meloni is buoyed by his victory in the weekend’s European elections, the leaders of the remaining six countries – the United States, Japan, France, Germany, Britain and Canada – face major domestic problems that threaten to undermine their authority.
U.S. President Joe Biden faces a tough battle for re-election in November, British Chancellor Rishi Sunak is expected to lose his government in national elections next month, and French President Emmanuel Macron dissolved the country’s parliament on Sunday after his party suffered a major defeat in European Union elections.
(From left) European Council President Charles Michel, German Chancellor Olaf Scholz, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, U.S. President Joe Biden, Japanese Prime Minister Fumio Kishida, British Chancellor Rishi Sunak and European Commission President Ursula von der Leyen pose for a photograph on the first day of the G7 Summit in the resort town of Borgo Egnazia, Savelletri, Italy, on June 13, 2024. (Reuters/Guglielmo Mangiapane)
Under the blazing sun, they were all smiling as they greeted Meloni at the entrance to the Borgo Egnasia resort, where they will take part over the next two days in sessions that will be open to a number of leaders, including Pope Francis.
Ukrainian President Volodymyr Zelenskyy is attending the summit for the second consecutive year and is due to sign a new long-term security agreement with U.S. President Joe Biden after taking part in talks on Thursday afternoon.
G7 leaders will also almost certainly announce they have agreed the outlines of a multi-year loan using proceeds from the seized Russian funds, which legal experts will then finalize with the aim of getting the money in by the end of the year.
White House national security adviser Jake Sullivan said of the talks, “I think the major pillars will be worked out, but some of the details will need to be worked out by experts on a set schedule.”
A senior EU official confirmed there was an outline agreement.
“I think it’s over now,” the official said. “It’s going to be OK. I don’t think the leaders are going to say anything against it.”
A person close to the talks said the point of the agreement was to allow it to continue for years regardless of who is in power in the G7 countries, echoing concerns that Republican candidate Donald Trump might be less palatable to Kiev if he beats Biden in November’s presidential election.
The G7 summit has a lot on the agenda
Asked about the possibility that this could be the president’s last summit as he faces a reelection fight, Sullivan said Biden’s goal at the G7 is to reinforce the idea that the U.S. works best working closely with its democratic allies.
Washington on Wednesday underscored U.S. determination to toughen sanctions on Moscow over its invasion of Ukraine, significantly expanding sanctions against the country, including targeting Chinese companies selling semiconductors to Moscow.
By announcing new restrictions on Chinese companies on the eve of the G7 meeting, Biden may have been trying to persuade Western allies to further strengthen their resolve to confront Beijing over its support for Russia and industrial overcapacity.
Speaking ahead of the start of the summit, Sullivan said China is an important creditor to many highly indebted countries.
“The G7 statement is not aimed at or focused on any particular country,” he said, but added that China needed to play a constructive role in addressing the debt burden.
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Keen not to be seen as a bastion of elitism, the G7 this year opened its doors to many outsiders, including the Pope, who is due to deliver a keynote address on Friday on the risks and promises of artificial intelligence.
Among those invited to Puglia are the leaders of some of the world’s largest regional powers, including India, Brazil, Argentina, Turkey, Algeria and Kenya.
The summit is due to run until Saturday, but with many G7 leaders, including Biden, due to fly home on Friday evening, the final day will be devoted to bilateral talks between those who remain and a closing press conference by Meloni.
