The G-7 conference has started in Munich, Germany. The conference will run from June 26 to June 28. Seven developed countries of the world are part of it. Indian Prime Minister Narendra Modi has also reached Germany to attend the G-7 summit. Amidst the turmoil caused by the Russo-Ukraine war, the G-7 countries have decided to impose some new massive sanctions on Russia.
The leaders of the G-7 countries said on Monday that they wanted to continue the personal sanctions against Russia. Condemning the disastrous Russo-Ukraine war, the G-7 leaders announced a US$29.5 billion aid to Ukraine. This aid will help troubled Ukraine to improve its economic situation and provide basic services to the Ukrainian people.
Ban on import of gold from Russia: Along with this, the US and the Group of Seven major economies will impose restrictions on the import of gold from Russia. It is the latest in sanctions imposed on Russia since the war. Gold is Russia’s second largest export item and banning gold imports will make it harder for Russia to participate in global markets. In such a situation, Russia will be isolated from the global economy by stopping participation in the gold market.
Already restrictions on oil imports: The G7 countries said they would try to further reduce Russia’s export revenue by taking appropriate steps to further reduce dependence on Russian energy. G7 leaders said that we plan to further limit Russia’s access to services and technology in the global economy. Western countries had already banned the import of oil from Russia.
On the second day of the summit in Elmau, Germany, the main focus of the leaders of the G7 countries was on providing support to war-torn Ukraine. At the same time, on the first day of the summit on Sunday, the G-7 leaders discussed global economic issues. In a joint statement, he said, “All G7 countries are concerned about the crises that currently have to be addressed. Some countries are facing problems like falling growth rate, rising inflation, shortage of raw materials and disruption in supply chain. These are not small challenges, so collective efforts are necessary to solve them.