U.S. President Joe Biden travels to Italy for discussions with Group of Seven leaders to intensify pressure on Russia due to its conflict with Ukraine, as well as on China for its backing of Moscow and surplus industrial capacity.
The G7 leaders come to the summit facing numerous challenges domestically while also aiming to address some of the most urgent global issues.
The leaders of the most advanced democratic nations will tackle various issues during their meeting from June 13 to 15. These include conflicts in Ukraine and the Middle East, trade disparities with China, concerns about artificial intelligence, and developmental hurdles in Africa.
According to White House spokesperson John Kirby, the leaders will unveil fresh sanctions and export restrictions aimed at Russia, specifically targeting entities and networks supporting President Vladimir Putin’s military operations in Ukraine. Kirby emphasized the intention to increase the financial burdens on Russia’s military efforts.
Washington plans to expand sanctions on semiconductor chip sales to Russia, targeting third-party Chinese sellers. At the upcoming G7 meeting, securing funding for Ukraine is a top priority, especially with concerns about a potential Trump re-election and its impact on U.S. support for Kyiv.
The G7 and EU are exploring using profits from frozen Russian assets to offer Ukraine a substantial upfront loan for its 2025 financing needs.
Biden aims to persuade G7 leaders to support a plan using future interest from Russian funds to back a $50 billion loan for Ukraine. G7 leaders are also dealing with domestic challenges, like Sunak’s potential loss in the upcoming UK vote, and the setbacks of French and German leaders in recent European elections.
Kirby mentioned Biden’s upcoming meeting and joint press conference with Ukrainian President Zelenskiy.
Joe Biden was at his home in Wilmington, Delaware, after his son Hunter Biden was convicted of lying about his drug use to buy a gun illegally in 2018, making him the first child of a sitting U.S. president to be convicted of a crime. This follows Trump’s recent felony conviction, with both candidates now neck-and-neck in the polls for the November presidential election.