G-7 Nations Summit

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G-7 joins EU on $60-per-barrel price cap on Russian oil

WASHINGTON (AP) — The Group of Seven nations and Australia joined the European Union on Friday in adopting a $60-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine.

https://apnews.com/article/putin-health-covid-prices-european-union-65de1c4934227208bfa68bb7d4c47716

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G-7 diplomats reject Chinese, N. Korean, Russian aggression

KARUIZAWA, Japan (AP) — Top diplomats from the Group of Seven wealthy democracies vowed a tough stance on China’s increasing threats to Taiwan and on North Korea’s unchecked tests of long-range missiles, while building momentum on ways to boost support for Ukraine and punish Russia for its invasion.

https://apnews.com/article/japan-g7-north-korea-china-ukraine-aaa3dd6eb37a9da817b3b5e9013c2cc0?

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G7 Hiroshima summit: Who’s participating, what will be discussed?

TOKYO (AP) — Leaders of seven of the world’s most powerful democracies are gathering for the Group of Seven summit in Hiroshima, the location of the world’s first atomic attack at the end of World War II.

https://apnews.com/article/japan-g7-summit-hiroshima-russia-china-6c7ada59c737640f7ed31e761422492e?

G7 Leaders impose new sanctions against Russia

https://apnews.com/video/zelenskyy-biden-politics-ukraine-government-war-and-unrest-2ac606c164e34358aba5c4e63d916a4a

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Biden endorses F-16 training for Ukrainians as Zelenskyy set to take part in G7 summit

HIROSHIMA, Japan (AP) — President Joe Biden told allies Friday he was approving plans to train Ukrainian pilots on U.S.-made F-16 fighter jets, according to two people familiar with the matter, as leaders of the world’s most powerful democracies worked to toughen punishments on Russia for its 15-month invasion of Ukraine.

https://apnews.com/article/g7-japan-hiroshima-ukraine-biden-kishida-3ac64076f63786490a1b062f9a408408?

G7 finance leaders vow to contain inflation, strengthen supply chains but avoid mention of China

NIIGATA, Japan (AP) — The Group of Seven’s top financial leaders united Saturday in their support for Ukraine and their determination to enforce sanctions against Russia for its aggression but stopped short of any overt mention of China.

https://apnews.com/article/g7-japan-finance-summit-economy-debt-8ccc9e53da1a021ba291cc94ea472608

G7 stance on China complicated by huge stakes in economic ties, cooperation on global issues

HIROSHIMA, Japan (AP) — Leaders of the Group of Seven advanced economies are generally united in voicing concern about China. The question is how to translate that worry into action.

https://apnews.com/article/g7-japan-china-coercion-eu-4c7d3b73a1b2683b14c4a57af8bd77bf

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Biden and Zelenskyy will sign a security deal, as G7 leaders agree to use Russian cash to help Kyiv

BRINDISI, Italy (AP) — President Joe Biden and President Volodymyr Zelenskyy will sign a bilateral security agreement between the U.S. and Ukraine on Thursday when they meet on the sidelines of the Group of Seven summit in Italy.

https://apnews.com/article/biden-g7-italy-ukraine-russian-assets-a43439b8386a20d1af9faec19f94bf55?

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G7 leaders agree to lend Ukraine billions backed by Russia’s frozen assets. Here’s how it will work Leaders of the Group of Seven wealthy democracies have agreed to engineer a $50 billion loan to help Ukraine in its fight for survival that would use interest earned on profits from Russia’s frozen central bank assets as collateral. Read more.

Key points: Where would the money come from: Most of the money would be provided in the form of a loan from the U.S. government, backed by windfall profits earned on $300 billion in immobilized Russian assets. The vast majority of the money is being held in European Union nations.   Why not just give Ukraine the frozen assets: That’s much harder to do. For more than a year, officials have debated the legality of confiscating the money and sending it to Ukraine, but the process requires an extra layer of judicial procedure, including a legal basis and adjudication in a court.   Who would be on the hook in the case of a default: If Russia regained control of its frozen assets or if the immobilized funds weren’t generating enough interest to pay back the loan, “then the question of burden-sharing arises,” according to one French official who was not authorized to be publicly named. Who would shoulder the burden is still to be worked out, they said.

RELATED COVERAGE ➤ 9 killed in Russian aerial attacks on Ukraine ahead of G7 summit aimed at slowing Moscow’s offensive   US widens sanctions on Russia to discourage countries such as China from doing business with Moscow   Hungary agrees not to veto NATO support to Ukraine as long as it’s not forced to help out

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G7 summit   The leaders of the world's most powerful economies are convening today in Italy for crucial policy discussions. A major focus is on Russia and its war in Ukraine, with the G7 set to announce a series of joint initiatives as they look to rebuild alliances and stand up to Russia's aggression. President Joe Biden arrived with over 300 new sanctions aimed at further isolating the country and limiting the Kremlin's revenues. He is also set to sign a long-term security pact with Ukraine, sources tell CNN. The agreement is expected to commit the US for 10 years to continued training of Ukraine's armed forces, more cooperation in the production of weapons and military equipment, the continued provision of military assistance and greater intelligence sharing.

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Pic du jour: Look up!

• President Biden and the Group of Seven leaders are gathering in southern Italy for their annual summit.
• The G7 leaders agreed to send Ukraine $50 billion in aid by the end of the year, using profits generated by about $300 billion worth of sovereign Russian assets frozen in Western countries, Axios' Jacob Knutson reports.

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? Resilient America

Data: International Monetary Fund. Chart: Axios Visuals The last several weeks have shown emerging signs of weakness in the U.S. economy. This past week brought powerful reminders that — while the cracks are real and the future uncertain — the basic picture remains one of robust economic activity, Axios' Neil Irwin and Courtenay Brown write. ? Zoom in: The International Monetary Fund's World Economic Outlook projects the U.S. economy will grow 2.6% this year. That's down a tick from its spring projection, but double the anticipated GDP growth in the next-strongest G7 nation (Canada, at 1.3%). Meanwhile, new retail sales data showed American consumers ended the second quarter on a high note. Keep reading.

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G7

President Donald Trump arrived in Calgary, Alberta, Canada, Sunday night in advance of the G7, the first international summit of his second administration. Leaders at the gathering are expected to discuss Trump’s trade war and international security, such as Israel’s unprecedented strike on Iran, Russia’s war on Ukraine and the Israel-Hamas war. Trump also plans to meet individually with Canadian Prime Minister Mark Carney, Japanese Prime Minister Shigeru Ishiba, Ukrainian President Volodymyr Zelensky and Mexican President Claudia Sheinbaum.

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G7 leaders try to salvage their summit after Trump’s early exit Six of the Group of Seven leaders are trying on the final day of their Tuesday to show the wealthy nations’ club still has the clout to shape world events despite the early departure of President Donald Trump. Read more.

Why this matters: Canadian Prime Minister Mark Carney and his counterparts from the U.K., France, Germany, Italy and Japan will be joined by Ukrainian President Volodymyr Zelenskyy and NATO chief Mark Rutte to discuss Russia’s relentless war on its neighbor.   With talks on ending the war at an impasse, UK Prime Minister Keir Starmer said Britain and other G7 members were slapping new tariffs on Russia in a bid to get it to the ceasefire negotiating table.    Before leaving, Trump joined the other leaders in issuing a statement saying Iran “can never have a nuclear weapon” and calling for a “de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.” Getting unanimity — even on a short and broadly worded statement — was a modest measure of success for the group.

RELATED COVERAGE ➤ US and UK announce a trade deal, but steel imports are still being negotiated   Trump muses about turning the G7 back into the G8 — or even the G9 with China   Canadian Indigenous leader says he was ‘filled with rage’ before ‘intense’ conversation with Trump

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Trump heads to G7 in France with Iran and Ukraine wars in focus President Donald Trump is due to arrive in the French Alps on Monday to meet with fellow world leaders. Read more.

Why this matters: After announcing an agreement that he says will bring an end to the U.S. war with Iran, Trump arrives with some wind at his back for talks with G7 leaders. This includes some who have been sharply critical of his managing of the Iran war that has led to a surge in global energy prices.   The summit is expected to have a large focus on Iran, with discussions on demining the Strait of Hormuz, according to the White House. The Russia-Ukraine war will also be a key topic, with Ukrainian President Volodymyr Zelenskyy invited for a session with G7 leaders.

RELATED COVERAGE ➤ Live updates: Trump’s trip to meet top leaders   What to know about the G7 summit   Trump’s track record of insults and awkward moments with the G7 leaders he’s meeting in France   Why Trump and other G7 leaders meeting without China might be a mistake   WATCH: Protesters clash with police in Geneva ahead of summit