G7 summit kicks off under shadow of Ukraine war, stagflation risk
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Monday
August 15, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
MONDAY, AUGUST 15, 2022
G7 summit kicks off under shadow of Ukraine war, stagflation risk

World+Biz

Reuters
26 June, 2022, 09:05 am
Last modified: 26 June, 2022, 09:24 am

Related News

  • Energy shock tests G7 leaders' climate resolve
  • G7 considering ways of capping Russian oil price - German official
  • US frowns on Indonesia's invite to Putin for G20 summit
  • UK police evacuate hotel near G7 summit after hoax suspicious package
  • With G7 summit the first stop, Biden embarks on 8-day trip to Europe

G7 summit kicks off under shadow of Ukraine war, stagflation risk

Reuters
26 June, 2022, 09:05 am
Last modified: 26 June, 2022, 09:24 am
Photo :Collected
Photo :Collected

German Chancellor Olaf Scholz welcomes leaders of the Group of Seven rich democracies on Sunday to a three-day summit in the Bavarian Alps overshadowed by the war in Ukraine and its far-reaching consequences, from energy shortages to a food crisis.

The summit takes place against a darker backdrop than last year when the British, Canadian, French, German, Italian, Japanese and US leaders met for the first time since before the Covid-19 pandemic and vowed to build back better.

Soaring global energy and food prices are hitting economic growth in the wake of Russia's invasion of Ukraine.

The United Nations warned on Friday of an "unprecedented global hunger crisis". 

Climate change, an increasingly assertive China and the rise of authoritarianism are also set to be on the agenda.

G7 considering ways of capping Russian oil price - German official

The G7 leaders are expected to seek to show a united front on supporting Ukraine for as long as necessary and cranking up pressure on the Kremlin - although they will want to avoid sanctions that could stoke inflation and exacerbate the cost-of-living crisis affecting their own people.

"The main message from the G7 will be unity and coordination of action... That's the main message, that even through difficult times... we stick to our alliance," an EU official said.

The G7 partners are set to agree to ban imports of gold from Russia, a source familiar with the matter told Reuters. A German government source later said that leaders were having "really constructive" conversations on a possible price cap on Russian oil imports. 

The G7 leaders are also expected to discuss options for tackling rising energy prices and replacing Russian oil and gas imports.

The summit takes place at the castle resort of Schloss Elmau at the foot of Germany's highest mountain, the Zugspitze – the same venue as when the country last hosted the G7 annual meet-up in 2015. Then too, Russian aggression against Ukraine dominated the agenda a year after Moscow's invasion of Crimea.

The summit is also a chance for Scholz to capitalise on being the host by displaying more assertive leadership on the Ukraine crisis.

The chancellor vowed a revolution in German foreign and defence policy after Russia's invasion in February, promising to bolster the military with a 100 billion euro fund and send weapons to Ukraine.

But critics have since charged him with foot-dragging and sending mixed messages by warning that Russia might perceive NATO as a war party and highlighting the risk of nuclear war.

The G7 was founded in 1975 as a forum for the richest nations to discuss crises such as the OPEC oil embargo.

It became the G8 after Russia was admitted six years after the fall of the Soviet Union. But Moscow was suspended in 2014 after it annexed Crimea from Ukraine.

Global partners

This year, Scholz has invited as partner countries Senegal, currently chairing the African Union, Argentina, currently heading the Community of Latin American and Caribbean States, as well as Indonesia and India, the current and next hosts of the G20 group of large industrial nations, as well as South Africa.

"The summit must send not only the message that NATO and the G7 are more united than ever, but also that the democracies of the world stand together against Putin's imperialism just as they do in the fight against hunger and poverty," Scholz told the German parliament this week.

Many countries of the global south are concerned about the collateral damage from western sanctions.

An EU official said G7 countries would impress upon the partner countries that food price spikes hitting them were the result of Russia's actions and that there were no sanctions targeting food. It was also a mistake to think of the Ukraine war as a local matter.

"It's more than this. It's questioning the order, the post Second World War order," the official said.

Top News

G7 Summit

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Illustration: TBS
    His presence felt everywhere
  • Photo: PID
    PM pays homage to Bangabandhu on his martyrdom anniversary
  • 15 August 1975: A journey down memory lane
    15 August 1975: A journey down memory lane

MOST VIEWED

  • Donald Trump arrives at Trump Tower the day after FBI agents raided his Mar-a-Lago Palm Beach home, in New York City, U.S., August 9, 2022. REUTERS/David 'Dee' Delgado
    Republicans push to see affidavit that justified FBI search of Trump's home
  • Charred pavement is left behind in an area where a man crashed his car into a barricade near the US Capitol and fired shots into the air before killing himself, in Washington, U.S. August 14, 2022. REUTERS/Greg Savoy
    Man dies after crashing car, firing gunshots near US Capitol
  • A Japan yen note is seen in this illustration photo taken June 1, 2017. REUTERS/Thomas White/Illustration
    Japan's GDP expands in Q2 after Covid curbs lifted
  • FILE PHOTO - Russian President Vladimir Putin attends a meeting with acting Governor of Kirov region Alexander Sokolov via a video link at the Kremlin in Moscow, Russia August 9, 2022. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS
    Putin says Russia and North Korea will expand bilateral relations, KCNA reports
  • Taiwan's Foreign Ministry Department of North American Affairs Director-General Douglas Hsu welcomes U.S. Representatives Alan Lowenthal, John Garamendi, Don Beyer and Aumua Amata Coleman Radewagen at Taipei Songshan Airport in Taipei, Taiwan in this handout image released August 14, 2022. Taiwan Ministry of Foreign Affairs/Handout via REUTERS
    US lawmakers arrive in Taiwan as China tensions simmer
  • FILE PHOTO: A man looks at a shop at the Ameyoko shopping district in Tokyo, Japan, May 20, 2022. REUTERS/Kim Kyung-Hoon
    Japan plans fresh package to cushion blow from rising living costs

Related News

  • Energy shock tests G7 leaders' climate resolve
  • G7 considering ways of capping Russian oil price - German official
  • US frowns on Indonesia's invite to Putin for G20 summit
  • UK police evacuate hotel near G7 summit after hoax suspicious package
  • With G7 summit the first stop, Biden embarks on 8-day trip to Europe

Features

15 August 1975: A journey down memory lane

15 August 1975: A journey down memory lane

18m | Supplement
Perhaps it was the respite while in jail that helped Bangabandhu think about wildlife conservation. Photo: Archive

The day Bangabandhu surprised Guy Mountfort

1h | Panorama
Illustration: TBS

His presence felt everywhere

1h | Supplement
Photos: M Aminur Rahman

Mallik Ghat flower market: the biggest hub for flowers in Asia

19h | In Focus

More Videos from TBS

"We got caught in the cyclone while shooting Hawa"

"We got caught in the cyclone while shooting Hawa"

12h | Videos
Get your child's Covid vaccine registration done in few easy steps

Get your child's Covid vaccine registration done in few easy steps

12h | Videos
UN expresses concern over Ukraine's Zaporizhia nuke plant

UN expresses concern over Ukraine's Zaporizhia nuke plant

13h | Videos
ADB's $9.46B coming to cover development costs

ADB's $9.46B coming to cover development costs

15h | Videos

Most Read

1
Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 
Banking

Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 

2
From left Afzal Karim, Murshedul Kabir and Mohammad Jahangir
Banking

Sonali, Agrani and Rupali banks get new MDs

3
Photo: Collected
Transport

Will Tokyo’s traffic model solve Dhaka’s gridlocks?

4
Representational Image. Photo: Collected
Bangladesh

Air passengers should plan extra commute time to airport: DMP

5
Arrest warrant against Habib Group chairman, 4 others 
Crime

Arrest warrant against Habib Group chairman, 4 others 

6
Ambassador of Switzerland to Bangladesh Nathalie Chuard. Photo: Courtesy
Bangladesh

Bangladesh never asked for particular info from Swiss bank: Ambassador

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]