The Fort Worth Press - Allies 'won't splinter' on Russia, Biden vows at G7

USD -
AED 3.672935
AFN 67.93001
ALL 93.193946
AMD 386.923413
ANG 1.801781
AOA 913.000204
ARS 998.754764
AUD 1.544485
AWG 1.8025
AZN 1.699265
BAM 1.857034
BBD 2.018544
BDT 119.466191
BGN 1.850105
BHD 0.376918
BIF 2951.893591
BMD 1
BND 1.345309
BOB 6.907618
BRL 5.795012
BSD 0.999734
BTN 84.379973
BWP 13.7232
BYN 3.271695
BYR 19600
BZD 2.015126
CAD 1.404285
CDF 2866.000197
CHF 0.88775
CLF 0.035264
CLP 973.029513
CNY 7.228005
CNH 7.235945
COP 4481.75
CRC 510.622137
CUC 1
CUP 26.5
CVE 104.696706
CZK 23.904698
DJF 178.02275
DKK 7.053885
DOP 60.463063
DZD 133.587023
EGP 49.36132
ERN 15
ETB 123.922406
EUR 0.94571
FJD 2.2733
FKP 0.789317
GBP 0.78819
GEL 2.725015
GGP 0.789317
GHS 16.070301
GIP 0.789317
GMD 71.000028
GNF 8615.901679
GTQ 7.720428
GYD 209.156036
HKD 7.785065
HNL 25.243548
HRK 7.133259
HTG 131.35034
HUF 384.569773
IDR 15898.05
ILS 3.738695
IMP 0.789317
INR 84.42935
IQD 1309.646453
IRR 42104.999895
ISK 137.980396
JEP 0.789317
JMD 158.263545
JOD 0.7091
JPY 155.473501
KES 129.502905
KGS 86.502109
KHR 4060.610088
KMF 466.500406
KPW 899.999621
KRW 1395.698454
KWD 0.30748
KYD 0.833092
KZT 495.639418
LAK 21961.953503
LBP 89524.727375
LKR 292.075941
LRD 184.450901
LSL 18.299159
LTL 2.95274
LVL 0.60489
LYD 4.883306
MAD 9.985045
MDL 18.109829
MGA 4683.909683
MKD 58.366883
MMK 3247.960992
MNT 3397.999946
MOP 8.014356
MRU 39.742695
MUR 47.210037
MVR 15.460254
MWK 1733.51184
MXN 20.367501
MYR 4.470496
MZN 63.850259
NAD 18.299159
NGN 1670.409975
NIO 36.789837
NOK 11.070825
NPR 135.008261
NZD 1.70269
OMR 0.385023
PAB 0.999729
PEN 3.809397
PGK 3.960922
PHP 58.745966
PKR 277.672857
PLN 4.082198
PYG 7807.745078
QAR 3.644486
RON 4.706297
RSD 110.631023
RUB 99.825442
RWF 1372.604873
SAR 3.756063
SBD 8.383384
SCR 13.749586
SDG 601.501278
SEK 10.963555
SGD 1.340765
SHP 0.789317
SLE 22.699483
SLL 20969.504736
SOS 571.317344
SRD 35.356499
STD 20697.981008
SVC 8.747751
SYP 2512.529858
SZL 18.306462
THB 34.8595
TJS 10.657058
TMT 3.5
TND 3.157485
TOP 2.342098
TRY 34.425503
TTD 6.787981
TWD 32.471895
TZS 2659.999569
UAH 41.213563
UGX 3668.871091
UYU 42.471372
UZS 12804.018287
VES 45.450182
VND 25390
VUV 118.722009
WST 2.791591
XAF 622.834653
XAG 0.03262
XAU 0.000389
XCD 2.70255
XDR 0.753148
XOF 622.834653
XPF 113.237465
YER 249.85002
ZAR 18.191605
ZMK 9001.181055
ZMW 27.416836
ZWL 321.999592
  • JRI

    -0.0265

    13.05

    -0.2%

  • CMSC

    -0.0500

    24.5

    -0.2%

  • BCE

    -0.2400

    26.6

    -0.9%

  • SCS

    0.0300

    13.3

    +0.23%

  • CMSD

    -0.0478

    24.31

    -0.2%

  • NGG

    0.1220

    62.492

    +0.2%

  • BCC

    0.0700

    140.42

    +0.05%

  • RIO

    0.6750

    61.105

    +1.1%

  • GSK

    -0.9609

    33.04

    -2.91%

  • RBGPF

    1.6500

    61.84

    +2.67%

  • RYCEF

    0.0600

    6.85

    +0.88%

  • BTI

    0.5250

    36.015

    +1.46%

  • RELX

    -1.7400

    44.21

    -3.94%

  • VOD

    0.1180

    8.798

    +1.34%

  • AZN

    -1.3600

    63.68

    -2.14%

  • BP

    0.0850

    29.135

    +0.29%

Allies 'won't splinter' on Russia, Biden vows at G7
Allies 'won't splinter' on Russia, Biden vows at G7 / Photo: © POOL/AFP

Allies 'won't splinter' on Russia, Biden vows at G7

World powers on Sunday agreed to ban gold exports from Russia, kicking off a G7 meeting aimed at taking new steps to deplete Moscow's war chest and bolster Ukraine's defences.

Text size:

US President Joe Biden and his counterparts from the world's most industrialised nations are gathering at Elmau Castle in the German Alps before they continue on to Madrid for talks with NATO partners.

They are seeking to close ranks for Ukraine against Russia's invasion while grappling with the intensifying global fallout of the war.

"We have to stay together," Biden told German Chancellor Olaf Scholz, the host of the three-day gathering.

Russian President Vladimir Putin had been hoping "that somehow NATO and the G7 would splinter", Biden said. "But we haven't and we're not going to."

Scholz also hailed Western unity which he said "Putin never expected", adding that each member of the club "needs to share responsibility" for facing the mounting challenges the war presents.

The statements of resolve came as Russia resumed strikes on central Kyiv in the first onslaught on the Ukrainian capital in three weeks -- an attack Biden condemned as "more of their barbarism".

Looking to the summit, Ukrainian Foreign Minister Dmytro Kuleba urged the G7 to approve more sanctions on Moscow and more heavy weapons for Ukraine to defeat "Russia's sick imperialism".

Ukrainian President Volodymyr Zelensky will make the same plea when he joins the meeting via video-link on Monday.

From soaring inflation to a looming food crisis and energy shortages, Russia's invasion of Ukraine, now in its fifth month, has mired the world in a series of crises.

The G7 leaders are also confronting the looming threat of recession as well as pressures over climate change.

Seeking to turn up the heat on Moscow, the G7 announced it would outlaw imports of Russian gold. The United States said gold was the second largest export for Russia and a significant source of revenue for Putin and his allies.

- 'Weaponised energy' -

While Western allies have hammered the Russian economy with unprecedented sanctions, Putin's army has been digging in for a drawn-out war.

British Prime Minister Boris Johnson and French President Emmanuel Macron said they now saw an "opportunity to turn the tide" in Ukraine.

Johnson warned that "any attempt to settle the conflict now will only cause enduring instability" and risked giving "Putin licence to manipulate both sovereign countries and international markets in perpetuity", a Downing Street spokesman said.

Seeking fresh measures to put the squeeze on Putin, Macron urged producers to cap oil prices to limit Russia profits from soaring energy revenues.

Paris backs a US proposal for a maximum oil price, Macron's office said, but added that "it would be much more powerful if it came from the producing countries".

John Kirby, National Security Council spokesman at the White House, said the G7 would be seeking to increase the costs and consequences of the war on Putin and the Russian economy.

At the same time, they will aim to minimise "as much as possible the effect of these rising oil prices and the way (Putin) has weaponised energy".

The impact on the economy formed the focus of the G7's opening session, with Scholz citing "sinking growth rates, rising inflation, raw material shortages and supply chain disruptions" as threats to a post-pandemic recovery.

- Systemic rival -

Scarred by a reliance on Russian energy that has hampered several European nations including Germany and Italy from going all out to punish Russia, the G7 was also warily looking at China -- which it views as a systemic rival.

"The impact that China's coercive economic practices, use of forced labour, intellectual theft -- all those are front and centre for the G7, and I think you're going to see China very much at the forefront as the G7 goes on," said Kirby.

As the gulf separating Western allies from Russia and China widens, the G7 will also be looking to rally other major players to its side.

To this end, Scholz has invited the leaders of Argentina, India, Indonesia, Senegal and South Africa to the Alpine summit.

While Argentina and Indonesia voted at a crucial UN vote to condemn Russia, the other three abstained.

But all are being directly hit by a looming hunger crisis sparked by the holdup in grain and wheat exports from Ukraine, and India for instance has imposed restrictions on wheat exports.

M.Delgado--TFWP