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

EUR -
AED 4.298532
AFN 77.113669
ALL 96.629783
AMD 443.666316
ANG 2.095199
AOA 1073.317589
ARS 1682.80214
AUD 1.752877
AWG 2.10684
AZN 1.989453
BAM 1.957835
BBD 2.345437
BDT 142.327914
BGN 1.958061
BHD 0.441223
BIF 3443.343016
BMD 1.170466
BND 1.509546
BOB 8.048364
BRL 6.406312
BSD 1.164461
BTN 104.691439
BWP 15.511807
BYN 3.382793
BYR 22941.141486
BZD 2.342034
CAD 1.613593
CDF 2611.310761
CHF 0.935083
CLF 0.027564
CLP 1081.311798
CNY 8.26888
CNH 8.26069
COP 4496.674415
CRC 573.373409
CUC 1.170466
CUP 31.01736
CVE 110.379712
CZK 24.242937
DJF 207.361209
DKK 7.468618
DOP 75.001926
DZD 152.058053
EGP 55.663166
ERN 17.556996
ETB 181.387864
FJD 2.659062
FKP 0.878911
GBP 0.874022
GEL 3.148521
GGP 0.878911
GHS 13.370896
GIP 0.878911
GMD 86.036408
GNF 10129.363367
GTQ 8.91436
GYD 243.683247
HKD 9.105263
HNL 30.671324
HRK 7.536685
HTG 152.485901
HUF 382.827946
IDR 19483.583733
ILS 3.789098
IMP 0.878911
INR 105.100216
IQD 1525.459504
IRR 49305.897501
ISK 148.6023
JEP 0.878911
JMD 186.734178
JOD 0.829875
JPY 182.092379
KES 150.568638
KGS 102.35772
KHR 4665.852388
KMF 493.936673
KPW 1053.415883
KRW 1714.780166
KWD 0.359029
KYD 0.970401
KZT 603.728472
LAK 25253.850988
LBP 104279.799218
LKR 359.596903
LRD 205.529697
LSL 19.793743
LTL 3.456083
LVL 0.708003
LYD 6.337232
MAD 10.765188
MDL 19.825369
MGA 5199.292826
MKD 61.562431
MMK 2458.620816
MNT 4154.401858
MOP 9.333606
MRU 46.439343
MUR 54.134085
MVR 18.02238
MWK 2019.26722
MXN 21.254593
MYR 4.802452
MZN 74.804474
NAD 19.793743
NGN 1695.900278
NIO 42.855384
NOK 11.801233
NPR 167.506303
NZD 2.010955
OMR 0.450047
PAB 1.16471
PEN 3.915032
PGK 4.94108
PHP 69.121896
PKR 329.171182
PLN 4.22464
PYG 7934.551208
QAR 4.245812
RON 5.09165
RSD 117.405916
RUB 91.587501
RWF 1694.899403
SAR 4.392276
SBD 9.633631
SCR 17.704013
SDG 704.034591
SEK 10.844511
SGD 1.512342
SHP 0.878153
SLE 28.21055
SLL 24544.093046
SOS 664.348523
SRD 45.19989
STD 24226.291366
STN 24.520245
SVC 10.189413
SYP 12941.658243
SZL 19.786337
THB 37.138671
TJS 10.771494
TMT 4.108337
TND 3.423558
TOP 2.818202
TRY 49.87861
TTD 7.89652
TWD 36.392105
TZS 2864.702455
UAH 49.298504
UGX 4158.321518
USD 1.170466
UYU 45.637681
UZS 13977.540637
VES 301.519502
VND 30849.982966
VUV 142.704116
WST 3.263037
XAF 656.499042
XAG 0.018901
XAU 0.000276
XCD 3.163244
XCG 2.098733
XDR 0.816474
XOF 656.499042
XPF 119.331742
YER 279.185474
ZAR 19.820175
ZMK 10535.603643
ZMW 27.080359
ZWL 376.889704
  • SCS

    0.0200

    16.14

    +0.12%

  • CMSD

    0.0600

    23.28

    +0.26%

  • CMSC

    0.0600

    23.3

    +0.26%

  • NGG

    -0.2500

    74.64

    -0.33%

  • RELX

    0.5400

    40.08

    +1.35%

  • RIO

    1.8400

    76.24

    +2.41%

  • RYCEF

    -0.1300

    14.62

    -0.89%

  • GSK

    1.1400

    48.41

    +2.35%

  • BCC

    5.0100

    77.01

    +6.51%

  • BCE

    0.0400

    23.19

    +0.17%

  • RBGPF

    -1.5200

    77.68

    -1.96%

  • VOD

    0.0600

    12.56

    +0.48%

  • JRI

    0.0190

    13.72

    +0.14%

  • AZN

    1.6900

    91.51

    +1.85%

  • BTI

    1.4700

    58.76

    +2.5%

  • BP

    0.3300

    35.88

    +0.92%

Allies 'won't splinter' on Russia, Biden vows at G7
Allies 'won't splinter' on Russia, Biden vows at G7 / Photo: BENOIT TESSIER - 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.

P.Gashi--NZN