Biden urges G7 to stay together as leaders target Russian gold, oil price

G7 host German Chancellor Olaf Scholz invited Senegal, Argentina, Indonesia, India and South Africa as partner nations at the summit. Many countries of the global south are concerned about the collateral damage from Western sanctions on Russia.

Oxfam and other campaign groups said the pain from food price spikes for developing countries was “visceral”.

They want G7 leaders to tax excessive corporate profits to help those hit by the food crisis, cancel debts of the poorest nations and to support developing countries in their battle against the food crisis and climate change.

An EU official said G7 countries would impress upon the partner countries that food price rises were the result of Russia’s actions not Western sanctions.

Officials from some G7 countries, including Germany and Britain, are pushing for temporary waivers on biofuels mandates to combat soaring food prices, according to sources familiar with the matter.

But Germany expects the proposal to fail to secure G7 backing due to US and Canadian resistance, a government official told Reuters on Sunday.

UNITY TESTED

Western countries rallied around Kyiv when Russia invaded Ukraine in February, but more than four months into the war, that unity is being tested as soaring inflation and energy shortages rebound on their own citizens.

At the start of a bilateral meeting, Biden thanked Scholz for showing leadership on Ukraine and said Russian President Vladimir Putin had failed to break their unity.

“Putin has been counting on it from the beginning that somehow the NATO and the G7 would splinter. But we haven’t and we’re not going to,” Biden said.

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