The leaders of the world’s seven richest nations have gathered in Germany to agree to further action against Russia’s occupation of Ukraine.
Ukrainian President Volodymyr Zelensky addressed the G7 summit via video technology, in which he called for more arms for his country and said he wanted the war to end by the end of the year “before winter begins”.
What is a group of seven?
The Group of Seven, or G7, is the organization of the seven “advanced” economies of the world that dominate world trade and the international financial system.
The group includes Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Throughout the year, G7 ministers hold meetings, reach agreements, and issue joint statements on world events.
Where will the 2022 G7 summit be held?
Germany accepted the seven chairs of the group in January 2022, holding the annual three-day summit from June 26 to 28.
The current summit is the group’s 48th summit, and takes place in the “Schlos Elmav”, an alpine castle in the German province of Bavaria.
Member of the European Union Committee?
The European Union is not a member of the G7, but it does attend its annual summit.
The Union participates as the guest of honor representing the President of the European Council and the President of the European Commission.
Therefore, we see nine leaders in group photos during the summit, often referred to as “family photos”.
Why was it previously called the Eight Group?
Russia joined the group in 1998, replacing the G7 with the G8, but in 2014 it was excluded due to the annexation of Crimea.
Despite being the largest economy and most populous country in the world, China has never been a member of the group.
Because China’s personal wealth is relatively low, it is not seen as an advanced economy like the members of the Group of Seven.
What does the G7 do for Ukraine?
The G7 countries imposed huge sanctions on Russia against a country with a large economy.
This excluded Russia from international trade and the global financial system and froze the assets of its rich.
The G7 countries, which are members of NATO’s military alliance, have provided Ukraine with weapons and other military equipment.
Can the team do more for the Ukrainians?A?
The question is whether the G7 leaders are prepared to take drastic measures against Russia that will affect their own economies.
A key issue is whether they can completely stop Russian oil and gas imports.
The United States has decided to ban all oil and gas imports from Russia, and the United Kingdom plans to suspend Russian oil imports by the end of this year.
Ukrainian officials hope that other leaders of the group will follow suit.
However, EU countries receive a quarter of their oil demand and 40 percent of their gas demand from Russia, and so far the EU has only agreed to cut Russia’s gas exports by two-thirds.
Germany has already suspended work on the controversial Nord Stream 2 pipeline. The route is designed to carry gas from the Russian coast near St. Petersburg to Lumben, Germany, below the Baltic Sea.
But the Ukrainian Foreign Ministry released a tweet on Twitter urging member states to take further action against Russia and addressing leaders: “Stop funding the war, stop paying for Russian energy.”
Among the proposed solutions, EU member states would have to sign an agreement with the United States to import more of their liquefied natural gas.
The current G7 summit provides an opportunity to discuss this option.
Do groups of seven have any authority?
The group could not pass any law because it was made up of separate countries, each with its own democratic process. Nevertheless, some of its decisions in the past have had global repercussions.
For example, in 2002, the Seven Groups played a key role in creating a global fund for the fight against malaria and AIDS.
In the run-up to the 2021 G7 summit in the United Kingdom, the group’s finance ministers agreed to force multinational corporations to pay higher taxes.
Has made decisions regarding the financing of developing countries and the fight against climate change.
The summit will usually be accompanied by mass demonstrations.
This year, G7’s protesters marched as they had done in previous years.
Several demonstrations took place in Munich, not far from the summit venue. For example, the NGO “One” Against Poverty is about to draw attention to the impending catastrophe of famine.
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