Biden and G-7 leaders meet on energy, inflation and war in Ukraine
ELMAU, Germany — President Joe Biden and his Group of Seven allies will meet Sunday on strategies to secure energy supplies and fight inflation, in a bid to prevent fallout from Russia’s invasion of the Ukraine to break the global coalition that is working to punish Moscow.
Biden arrived in Germany’s scenic Bavarian Alps on Sunday morning for the annual meeting of major democratic economies, where the repercussions of the brutal war in Ukraine will be the focus of discussions. He and the allies aim to present a united front in support of Ukraine as the conflict enters its fourth month.
Biden will open his visit with a bilateral meeting with summit host German Chancellor Olaf Scholz, before spending the afternoon in formal and informal settings with the leaders of Britain, Canada, France , Germany, Italy, Japan and the European Union.
John Kirby, spokesman for the White House National Security Council, said the summit will address issues such as inflation and other “challenges in the global economy in the wake of Mr. Putin’s war – but also how to continue to hold Mr Putin accountable”. and subject to “constant consequences”.
“There will be some muscle movement,” Air Force One’s Kirby said as Biden flew to Germany. He declined to preview the announcements ahead of the executives’ meeting.
Among the issues to be discussed are caps on energy prices, intended to limit Russian oil and gas profits that Moscow can use in its war effort. The idea was championed by US Treasury Secretary Janet Yellen.
A senior German official, speaking on condition of anonymity in accordance with department rules, said the U.S. price cap idea was the subject of intense discussion, in terms of exactly how it would work and compatibility with the United States. USA, EU, Britain, Canada. and the Japanese sanctions regimes.
Officials were also expected to discuss how to maintain commitments to tackle climate change while meeting critical energy supply needs in the wake of the war.
“There is no weakening of climate commitments,” Kirby said.
Biden is also expected to officially launch on Sunday a global infrastructure partnership aimed at countering China’s influence in the developing world, which he named “Build Back Better World” and presented at the G-7 summit in the United States. last year. Kirby said Biden and other leaders would announce the first projects that would benefit from what the United States sees as an “alternative to infrastructure models that sell debt traps to low- and middle-income partner countries, and advance America’s economic competitiveness and our national security.”
After Germany, Biden will travel to Madrid on Tuesday to meet with leaders of the 30 NATO members to align strategy with the ongoing war in Ukraine.
Superville reported from Telfs, Austria.