Page 3 - G7 Summit

G7 summit opens with deal to use Russia's frozen assets for Ukraine

A Group of Seven summit is opening Thursday with agreement on a US proposal to back a USD 50 billion loan to Ukraine using frozen Russian assets as collateral, giving Kyiv a strong show of support even as Europe's political chessboard shifts to the right. Diplomats confirmed that an agreement had been reached on the deal before the leaders even landed in southern Italy for the three-day summit. Ukrainian President Volodymyr Zelenskyy will be on hand and is expected to sign a separate bilateral security agreement with US President Joe Biden. Beyond the Ukraine war, Pope Francis will become the first pope to address a G7 summit, adding a dash of celebrity and moral authority to the annual gathering that is being held this year in Italy's sun-drenched Puglia region. He'll be speaking Friday about the promises and perils of artificial intelligence, but is expected to also renew his appeal for a peaceful end to wars in Ukraine and Gaza. The G7 includes Canada, France, Germany, Italy, ...

G7 Summit: Biden, Zelenskyy to sign deal to use Russian cash to help Kyiv

President Joe Biden and President Volodymyr Zelenskyy will sign a bilateral security agreement between the US and Ukraine on Thursday when they meet on the sidelines of the Group of Seven summit in Italy, as negotiators for the group have reached an agreement on how to provide Ukraine with up to USD 50 billion backed by frozen Russian assets, two people familiar with the matter said Wednesday. The international group of wealthy democracies has been discussing ways of using the more than USD 260 billion in Russian assets frozen outside the country after the February 24, 2022 invasion of Ukraine to help Kyiv. European officials have resisted confiscating the assets, citing legal and financial stability concerns most of the frozen assets are located in Europe but the plan would use the interest earned on the assets to help Ukraine's war effort. The two people spoke on the condition of anonymity to discuss the agreement before it was formally announced. An official with the French ...

Biden, Modi likely to meet on sidelines of G7 Summit: NSA Sullivan

US President Joe Biden and Indian Prime Minister Narendra Modi would likely "have the opportunity to encounter one another" on the sidelines of the G7 Summit in Italy, National Security Advisor (NSA) Jake Sullivan said here Wednesday. He (Biden) expects to see Prime Minister Modi here. It's up to the Indians to formally confirm his attendance, but our expectation is that the two of them will have the opportunity to encounter one another. The nature of that encounter is still fluid because so much of the schedule is fluid, Sullivan told reporters aboard Air Force One on his way to Italy to attend the G7 Summit, along with the US president. India's Foreign Secretary Vinay Mohan Kwatra told reporters in New Delhi that Modi would travel to Italy on Thursday in his first overseas trip after assuming office for a third consecutive term. Italy has invited India to attend the 50th G7 Summit on June 14 as an Outreach Country. Modi would meet the Italian Prime Minister Giorgia Meloni, Kwatra

Russian forces launch deadly attacks on Ukraine ahead of G7 Summit; 9 dead

Russian forces launched new deadly attacks on Ukraine, killing at least nine people on Wednesday, a day before the leaders of countries that are some of Ukraine's biggest backers were to discuss how to slow Moscow's offensive. Ukrainian authorities said that along with the nine killed, 29 others, including five children, were wounded when Russian missiles hit an apartment block in Kryvyi Rih, Ukrainian President Volodymyr Zelenskyy's hometown. Zelenskyy said the strike has again proven that "Ukraine, together with its partners, must strengthen its air defences something that he has repeatedly appealed for with Ukraine's Western partners. The United States has agreed to send another Patriot missile system, two US officials said late Tuesday. Modern air defence systems are capable of providing maximum protection of people, our cities, and our positions," Zelenskyy said. And we need as many of them as possible. Earlier on Wednesday, Ukraine's air force said it shot down more than two

G7 Summit in Italy: 'PM Modi to play important role', says Indian envoy

Envoy Vani Rao said that PM Modi will also follow up on some of the key issues that were there during India's G20 presidency

Ceasefire push, war aid talks on cards as G7 summit begins today in Italy

The wording by the G-7, specifically name-checking Biden, appears designed to corner PM Benjamin Netanyahu into formally accepting the cease-fire proposal on which he's also been equivocating

Modi to attend G7 in Italy, join Ukraine peace talks at 'appropriate' level

The G7 summit set to be held in Italy from June 13-15 in which several nations and key organisation will participate to deliberate on pressing issues including climate change and West Asia tensions

India, Italy enhance trade, def & tech ties; boost strategic partnership

Italy is the Chair of G7 this year and is hosting the G7 Summit on June 13 and 14. Italian PM Georgia Meloni has invited PM Modi to the G7 Outreach Summit in Puglia on June 14

Oxfam urges G7 to tap fraction of military spend to resolve hunger, debt

The G7 - comprising the United States, Japan, Canada, Germany, France, Italy and Britain - is set to meet in Italy this week where leaders will discuss issues such as climate change, migration, debt

Germany hosts conference for Ukraine before peace summit in Switzerland

Germany is hosting a conference on Tuesday to gather support for Ukraine's recovery from the destruction wreaked by Russia's war, sending a new signal of solidarity with Kyiv at the start of a week of intense diplomacy. The two-day Ukraine Recovery Conference in Berlin, following up on a similar gathering in London a year ago, comes before the Group of Seven summit of Ukraine's leading Western allies in Italy and a global peace summit in Switzerland this coming weekend. Ukrainian President Volodymyr Zelenskyy, who last week attended events marking the 80th anniversary of the D-Day landings in France, is expected at the gathering, which the German hosts say will bring together 2,000 people from politics, business and other areas. Even during the current times of war, Ukraine needs to continually rebuild houses, water pipelines, hospitals and power grids, German Development Minister Svenja Schulze said in a statement. People want to keep on living in their country, and to do so they .

PM Modi may visit Italy this week, his first overseas trip in third term

Modi will join global leaders in attending the G7 or Group of Seven summit, which will be held in Borgo Egnazia (Fasano) in Italy's Apulia from June 13-15

Here's a list of key global events that await Modi govt in its third term

With the NDA leaders' oath ceremony now complete, here's a look at the key global events the Modi 3.0 government will focus on to continue advancing its diplomatic agenda

US officials expect G7 to warn small Chinese banks over Russia ties: Report

This year's G7 summit is also expected to focus on leveraging profits generated by Russian assets frozen in the West for Ukraine's benefit

Consensus growing on rate cut as inflation diminishes: ECB's Panetta

Panetta has said inflation is showing a common underlying trend as it is declining in all major economic areas and that risks to financial stability have reduced

G7 to explore ways of using frozen Russian assets to help Ukraine

The G7 and its allies froze some $300 billion of Russian assets shortly after Moscow invaded its neighbour in February 2022

Two-day G7 finance summit kicks off seeking unity on Ukraine, China

The G7 will also address a proposed global wealth tax on billionaires, promoted by Brazil and France among the broader Group of 20 developed countries

Yellen wants G7 'wall of opposition' to China's excess industrial capacity

Yellen said that if G7 ministers can agree on concept for bringing forward the earnings on the frozen Russian assets, they will spend time before G7 summit in Puglia in mid-June on refining details

India to participate in G-7, Ukraine peace summit next month: PM Modi

India will participate in all important summits that promote the agenda of global peace, security and development, Prime Minister Narendra Modi has said while referring to invitations to him to attend the G-7 meeting and the Ukraine peace summit next month. In an interview to PTI, the prime minister said India will "resonate the voice of the Global South" at these summits to shape the global discourse and advance the vision for human centric development and a prosperous and peaceful world. "The level of participation will be the factor of timing, logistics and parallel commitments," Modi said in response to a question on whether he will be attending the two multilateral gatherings. Italy is hosting the G-7 Summit meeting from June 13-15, while the Ukraine peace summit will be held in Switzerland from June 15-16. Modi said the invitations extended to India to attend the summits were an acknowledgment of its significance and contribution to international affairs. "These reflect the

G7 nations reach deal to shut down their coal-fired power plants by 2035

The accord will be included in the G7 energy ministers' final communique to be released on Tuesday at the end of a two-day meeting in Turin

Italy pushes G7 to set date for coal phase-out ahead of energy meeting

An agreement on this would be one step in the direction indicated by the COP28 United Nations climate summit in Dubai last year to transition away from fossil fuels, of which coal is most polluting