G7 Summit in Italy, Symposium on Russia-Ukraine War and More Sanctions on Russia, Focusing on China Too
Image Source: Reuters
Prime Minister Narendra Modi is heading to Italy to attend the G7 Summit as India is being invited to the G7 summit. PM Modi is going to miss the swearing-in ceremony of Arunachal Pradesh CM Pema Khandu today. Meanwhile, Home Minister Amit Shah and BJP president JP Nadda are already there to attend the swearing-in ceremony. Well, the key focus of the G7 Summit will be the Russia-Ukraine and Israel-Gaza wars. India’s focus will be on defense and maritime cooperation.
The summit is going to be held in Borgo Egnazia in the southern region of Puglia – a luxury hotel with a Michelin-starred restaurant. Pope Francis is also going to attend the summit as per sources, and many more leaders of different countries like Ukraine, India, Brazil, Argentina, Turkey, the United Arab Emirates, Kenya, Algeria, Tunisia, and Mauritania, which holds the presidency of the African Union, are being invited.
Majorly the main focus will be on the U.S. new security agreement with Ukraine. But the U.S. may announce some more financial sanctions on Russia. Some Chinese banks are not regulating as per the U.S. sanctions and are assisting Russia in evading the sanctions. With Western officials looking to hamper Beijing’s support for Russia, which is being reoriented around the war with Ukraine, Chinese small banks will be the target of these European countries. According to sources, it is being heard that G7 countries will be focusing on how to tackle these Chinese banks and respond to the issue of these banks helping the Russian economy. These banks are also using underground financing channels which have less exposure to the international financial system and are also difficult to track.
Well, we have to see how Russia reacts if the Kremlin faces more financial sanctions. China is one of the topmost partners of Russia since the full-scale escalation between Russia and Ukraine. The United States and its G7 partners – Britain, Canada, France, Germany, Italy, and Japan – are not expected to take any immediate punitive action against any banks during the summit, such as restricting their access to the SWIFT messaging system or cutting off access to the dollar. Their focus is said to be on smaller institutions, not the largest Chinese banks, one of the people said. But big Chinese banks are somehow afraid of the sanctions which the U.S. is threatening to apply if these banks do not comply with the regulations.
It is also being said to make a deal to use frozen Russian assets for the Ukraine war but it is not likely to happen as of now. Some sources claim that today G7 leaders agreed to lend Ukraine billions backed by Russia’s frozen assets. Most of the money would be provided in the form of a loan from the U.S. that would be backed by the windfall profits being earned on roughly $300 billion in immobilized Russian assets. Britain may also announce $309 million in aid for Ukraine at the G7 summit, a source claimed.
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