The heads of the G7 countries are going to increase the pressure on Russia, - Foreign Policy

12.06.2024/10/42 XNUMX:XNUMX    6

G7 leaders are expected to step up economic and political pressure on Russia when they gather for a summit in Italy later this week.

According to Foreign Policy, the heads of the largest states will discuss the allocation of new loans to Ukraine from frozen Russian assets. They plan to condemn Moscow's growing ties with North Korea, as well as China's indirect support for the Russian military machine.

Plans for the upcoming summit, said by current and former officials familiar with the draft G7 communique, are being advanced by Western leaders on high alert and seeking to consolidate foreign policy victories in the face of major electoral setbacks at home.

The composition of the G7 leaders in 2025 could change drastically and become much more fragmented depending on how the elections in the US, the UK and now France go.

"This is the last time the group meets in this configuration with these leaders. I think it's absolutely clear... All of this creates a sense of urgency and seriousness about what's happening at the G7 summit," says Josh Lipsky, a former adviser to the International Monetary Fund and now senior director of the Atlantic Council's Center for Geoeconomics.

Latest news:  The fire in Rouen Cathedral in France has been contained

Italian Prime Minister Giorgia Meloni has invited the leaders of at least a dozen non-G7 countries to the meeting, including Algeria, Argentina, Brazil, India, Kenya, Mauritania, Saudi Arabia, South Africa and the United Arab Emirates.

The main priority of the Biden administration at the upcoming summit, which will be attended by Biden himself, is the completion of work on the agreement to provide Ukraine with new loans in the amount of about 50 billion dollars at the expense of profits from Russian assets. This proposal has received broad theoretical support, but it still faces a number of complex legal and financial obstacles.

The G7 countries are also expected to issue statements condemning Russia's deepening military ties with North Korea and send a fresh warning to Chinese banks to stop helping Moscow circumvent Western sanctions.

The U.S. has so far avoided cracking down on large Chinese financial institutions, but as a first warning shot, Washington may target smaller Chinese banks.

Latest news:  The former first lady of the USA can change Biden in the elections: how Hillary Clinton changed

"We are concerned that China is increasingly becoming a factory for the Russian military machine... This can be called an "arsenal of autocracy", considering that Russia's military ambitions threaten not only the existence of Ukraine, but also European security, NATO and transatlantic security," said the deputy White House National Security Adviser on International Economic Affairs Dalip Singh.

The Biden administration's drive to achieve significant results at the upcoming G7 summit fits into the administration's broader strategy of advancing its foreign policy agenda in more informal and ad hoc groups of partners and allies, as traditional multilateral institutions like the UN have reached a diplomatic impasse.

While the Biden administration hopes to focus the G-7 summit on mobilizing international support for Ukraine, it is also grappling with the ongoing crisis in the Middle East. The continued support of the US to Israel in this war, while the number of civilian casualties in Gaza is increasing, has opened Washington to widespread criticism and accusations of hypocrisy, especially from the countries of the Global South.

Russian propagandists have latched onto a narrative of Western double standards regarding civilian casualties in Ukraine and Gaza, and many analysts believe the Gaza conflict is helping the Kremlin send a message of Western hypocrisy to the Global South.

Latest news:  The family of BBC journalist John Hunt was shot dead in London

"The war in Ukraine made us in the West realize that there is work to be done in the Global South, but then we were at least on the side of the global majority... Now, when it comes to Israel and Gaza, we are simply in the minority... We found ourselves in a much more difficult situation , than a year ago, in relation to the Global South…. and now the West has to deal with a complete lack of trust," says the director of the Italian think tank Istituto Affari Internazionali and former special adviser to the head of the EU foreign policy department, Natalie Tocci.

The US and its partners from the Big Seven are making progress in finding ways to allocate the necessary aid to Ukraine at the expense of the profits obtained from the frozen assets of the Russian Federation.

Reuters writes that the EU's recent decision to use annual profits from immobilized assets could potentially provide billions of dollars a year to help Ukraine resist a military invasion by Russia.