President Biden heads to Italy for G7 summit

WASHINGTON (Gray DC) - Nearly 2 and a half years after Russia invaded Ukraine, leaders from the world’s 7 largest economies are set to impose more costs on Russia - and provide tens of billions of dollars in more aid to Ukraine.

After a 5-day trip to France for a state visit - and to commemorate the 80th anniversary of the D-Day invasion - President Biden heads back to Europe this week to attend the G7 Summit in the southeast part of Italy.

President Biden will push a plan to his G7 counterparts to use the interest from frozen Russian assets — mostly in the European Union — to provide up to $50 billion in loans for Ukraine’s war effort.

Jovita Neliupšienė, Ambassador of the European Union to the United States, explained the plan. “So those profits around that, some will be used for Ukraine. First of all, for most urgent needs, that means for the defense. And 10% will be dedicated for the reconstruction when we need, for example, right now, infrastructure, energy.”

Weeks after President Biden announced increased trade tariffs on a variety of Chinese products, Neliupšienė outlined why she expects G7 leaders to impose additional Chinese sanctions.

“First of all, our all coordination on how we approach China and overcapacity, this flooding of our market with cheap products, how we deal with sanctions and export control on Russia.”

Separately, the G7 is expected to send a tough new warning to Chinese banks to stop assisting Russia in evading Western sanctions.

The war between Israel and Hamas is also on the agenda. G7 leaders issued a joint statement late last week saying they “fully endorse” President Biden’s “comprehensive deal” for an immediate cease-fire in Gaza and the release of all hostages. The G7 also reaffirmed support for a two-state solution.

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