President Joe Biden is traveling to Italy on Wednesday to attend meetings with the Group of Seven (G7) leaders. The main goal of these meetings is to increase pressure on Russia due to its ongoing war against Ukraine and to address concerns about China’s support for Russia and its industrial practices.
The G7 leaders face many problems at home while also trying to solve global issues. Biden, who is 81 years old, spent Tuesday night at his home in Delaware. This came after a jury convicted his son, Hunter Biden, of lying about his drug use to buy a gun illegally in 2018. Hunter Biden is the first child of a sitting U.S. president to be convicted of a crime.
Meanwhile, former President Donald Trump was convicted of a felony on May 30. Both Biden and Trump are competing in the upcoming November presidential election, and polls show they are very close in popularity.
The G7 leaders, representing some of the world’s most developed democracies, will discuss several important issues from June 13-15. These include the wars in Ukraine and the Middle East, trade imbalances with China, threats from artificial intelligence, and development challenges in Africa.
The leaders plan to announce new sanctions and export controls against Russia. These measures will target entities and networks that help Russian President Vladimir Putin’s forces in the Ukraine war. John Kirby, a White House spokesperson, stated that the goal is to increase the costs for Russia’s war efforts.
The U.S. intends to expand sanctions on the sale of semiconductor chips and other goods to Russia. This includes targeting third-party sellers in China. The administration also plans to broaden existing export controls to cover U.S.-branded goods, not just those made in the U.S. In addition, it will identify Hong Kong entities that are shipping goods to Russia.
Securing funding for Ukraine will be a top priority at the G7 meeting. U.S. and European officials want to ensure continuous support for Ukraine, especially with the possibility of Trump being re-elected, which could affect future U.S. aid for Kyiv.
The G7 nations and the European Union are considering using profits from immobilized Russian assets in the West to provide Ukraine with a large loan. This loan would help secure Ukraine’s financing for 2025.
Kirby mentioned that the leaders will announce steps to use the value of these frozen Russian assets to benefit Ukraine and help rebuild from the destruction caused by Putin’s army.
Biden will push other G7 leaders to agree on a plan to use future interest from $281 billion of Russian central bank funds to back a $50 billion loan to Ukraine.
The G7 leaders also face their own electoral challenges. Polls suggest British Prime Minister Rishi Sunak might lose power in an upcoming national vote. The leaders of France and Germany are also dealing with setbacks from recent European elections.
Biden will meet with Ukrainian President Volodymyr Zelenskiy during the summit and will will hold a joint press conference afterward, according to Kirby.
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