Joe Biden, G7 leaders huddle on energy, inflation, Russia-Ukraine war

US President Joe Biden and his Group of Seven allies will huddle on strategies to secure energy supplies and tackle inflation, aiming to keep the fallout from Russia's invasion of Ukraine

Joe Biden
Joe Biden. Photo: Bloomberg
AP Berlin
3 min read Last Updated : Jun 26 2022 | 10:26 AM IST

President Joe Biden and his Group of Seven allies will huddle Sunday on strategies to secure energy supplies and tackle inflation, aiming to keep the fallout from Russia's invasion of Ukraine from splintering the global coalition working to punish Moscow.

Biden arrived in Germany's picturesque Bavarian alps early Sunday morning for the annual meeting of the leading democratic economies, where the reverberations from the brutal war in Ukraine will be front and centre in the discussion.

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 the summit's host, German Chancellor Olaf Scholz, before spending the afternoon in both 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 problems such as inflation and other challenges in the global economy as a result 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 movements, Kirby said from Air Force One as Biden flew to Germany. He declined to preview any announcements before the leaders met.

Among the issues to be discussed are price caps on energy, meant to limit Russian oil and gas profits that Moscow can put to use in its war effort. The idea has been championed by U.S. Treasury Secretary Janet Yellen.

A senior German official, speaking on condition of anonymity in line with department rules, said the U.S. idea of price caps was being discussed intensely, in terms of how it would work exactly and how it would fit with the U.S., EU, British, Canadian and Japanese sanctions regimes.

Officials were also to discuss how to maintain commitments to address climate change while also solving critical energy supply needs as a result of the war.

There's no watering down of climate commitments, Kirby said.

Biden is also set to formally launch on Sunday a global infrastructure partnership meant to counter China's influence in the developing world, which he had named Build Back Better World and introduced at last year's G-7 summit.

Kirby said Biden and other leaders would announce the first projects to benefit from what the U.S. sees as an alternative to infrastructure models that sell debt traps to low-and middle-income partner countries, and advance U.S. economic competitiveness and our national security.

After Germany, Biden will travel to Madrid on Tuesday to meet with the leaders of the 30 members of NATO to align strategy on the ongoing war in Ukraine.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Joe BidenG7 summitRussia Ukraine Conflictglobal inflationGlobal economy

First Published: Jun 26 2022 | 10:26 AM IST

Next Story