“Good news from the G7: another US$50 billion for Ukraine,” German Finance Minister Christian Lindner wrote on X.
“We are using interest from frozen assets for this – a smart instrument that shows [Russian President Vladimir] Putin our unity, greatly helps Ukraine and relieves the burden on budgets.
“Now we are working on the details.”
Western nations were also unanimous in their concern over China’s industrial overcapacity, which they say is distorting global markets, and their determination to help African states develop their economies, diplomats said.
“There is a lot of work to be done, but I am sure that in these two days we will be able to have discussions that will lead to concrete and measurable results,” Italian Prime Minister Giorgia Meloni told her G7 guests as their talks started in a luxury hotel resort in the southern region of Puglia.
While Meloni is flying high after triumphing in weekend European elections, the leaders of the other six nations – the United States, Japan, France, Germany, Britain and Canada – face major domestic woes that risk undermining their authority.
US President Joe Biden faces an uphill battle to win re-election in November, British Prime Minister Rishi Sunak looks certain to lose power at a national poll next month and French President Emmanuel Macron dissolved his country’s parliament on Sunday after his party was trounced in the European vote.
All smiled broadly as they greeted Meloni under a blazing sun at the entrance to the Borgo Egnazia resort, where they will spend the next two days in sessions that will later be opened to a host of fellow leaders, including Pope Francis.
For a second year running, Ukrainian President Volodymyr Zelensky will attend the summit, taking part in talks on Thursday afternoon, after which he will sign a new, long-term security accord with US President Joe Biden.
A person close to the talks said the point of the deal was to ensure it can run for years regardless of who is in power in each G7 state – a nod to concerns that US Republican presidential candidate Donald Trump might be much less favourable to Kyiv if he beats Biden in November.
Packed Agenda
Biden’s goal at the G7 was to reinforce the idea that the United States is best served if it is closely aligned with its democratic allies, White House National Security Adviser Jake Sullivan said, when asked about the prospects of it being the president’s last summit given the looming re-election battle.
Underscoring US determination to punish Moscow for its invasion of Ukraine, Washington on Wednesday dramatically broadened sanctions on Moscow, including by targeting China-based companies selling semiconductors to Moscow.
By announcing new restrictions on Chinese firms on the eve of the G7 meeting, Biden was no doubt hoping to persuade Western allies to show greater resolve in confronting Beijing over its support for Russia and its industrial overcapacity.
Speaking ahead of the start of the summit, Sullivan said that China was a significant creditor to many heavily indebted countries.
“The G7 communique is not singling out or focusing on a single country,” he said, but added that China needed to play a constructive role in dealing with the debt burden.
Eager not to appear like an elitist fortress, the G7 has thrown open its doors to numerous outsiders this year, including Pope Francis, who is expected to give a keynote speech on Friday on the risks and potential of artificial intelligence.
Among those who have also been invited to Puglia are the leaders of some of the biggest regional powers across the globe such as India, Brazil, Argentina, Turkey, Algeria and Kenya.
Although the summit is scheduled to run until Saturday, many G7 chiefs will leave on Friday night, including Biden, meaning the final day has been earmarked for bilateral meetings for those staying on and a closing news conference from Meloni.
Reporting by Reuters, Agence France-Presse, Associated Press