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Biden and G7 allies to focus on Ukraine, inflation

Biden and G7 allies to focus on Ukraine, inflation, Transatlantic Today

TELFS, Austria (Washington Insider Magazine) –  On Sunday in the Bavarian Alps, President Joe Biden scheduled to begin a series of talks with global leaders, where the war in Ukraine is anticipated to dominate discussion as leaders search for measures to mitigate its impact on the world economy and increase pressure on Russia. 

Beginning with a one-on-one session with German Chancellor Olaf Scholz, who is hosting this year’s conference, Biden is expected to join the leaders of the world’s strongest democracies, including Japan, France, Canada, Italy, and the U.K. Later this week, Biden will depart from Germany for the annual NATO leaders’ summit in Spain. 

The conversations take place while Biden faces significant home and foreign issues. At home, Biden must deal with the consequences of the Supreme Court’s decision on Friday, which took away a woman’s constitutional right to an abortion, as well as rising inflation that might push the United States into a downturn. According to NBC NEWS, the conflict in Ukraine has resulted in an impending worldwide food scarcity and skyrocketing energy costs. 

Russian gold imports will be prohibited as one of the outcomes of the 3-day meeting, according to a senior government official who spoke with the media. Russian gold is the country’s second-largest export after oil and a substantial source of income. 

The prospective price restriction on Russian energy exports, which would establish a limitation on how much nations may pay for Russian oil, is another topic the G7 leaders are anticipated to debate. According to a study by the Center for Clean Energy and Fresh Air, despite attempts by nations like the United States and Canada to penalize Russia by halting oil imports, the rise in oil prices has allowed Russia to bring in record amounts of money since the conflict began. 

Biden will have the chance to urge Scholz, who has come under criticism from Ukrainian President Volodymyr Zelenskyy, to raise Germany’s material help for Ukraine at their meeting on Sunday. Germany has not prohibited the import of Russian energy, and it has just lately begun sending Ukraine heavy weapons.

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