Reconstruction of Ukraine, food shortage, price of Russian oil… G7 announcements

Reconstruction of Ukraine, food shortage, price of Russian oil… G7 announcements

The seven powers of the G7 (France, United States, United Kingdom, Germany, Italy, Japan and Canada), meeting at the summit in Elmau castle in Germanymade a commitment on Tuesday June 28 on several points in connection with the war in ukraine. Here are the main ones.

A conference for the reconstruction of Ukraine

The leaders announced that they would sustain the reconstruction of Ukraine via an international conference and a plan, according to a draft final declaration consulted by AFP.

The G7, which has joined five emerging countries, including India, has also condemned the invasion. illegal of Ukraine, by Russia. The seven powers, at the end of their meeting, said to each other determined to support the reconstruction of Ukraine through an international reconstruction conference and plan​.

Alleviating food scarcity

The G7 also urged countries and companies withlarge stocks of food to help mitigate food shortage and pledge an additional $4.5 billion to address food insecurity.

As a short-term remedy, we call on partners who have large stocks of food, as well as the private sector, to make food available without distorting markets, including by supporting the World Food Program procurement strategyasks in a statement the G7, meeting until Tuesday in southern Germany.

G7 leaders are also pledging an additional $4.5 billion to address food insecurity, bringing the effort this year to around $14 billion, according to the statement.

The G7 also reiterated its urgent appeal to Russia to end, unconditionally, the blockade of Ukrainian Black Sea ports, the destruction of essential port and transport infrastructure, silos and grain terminals, the illegal appropriation by the Russia of agricultural products and equipment in Ukraine and to all other activities that interfere with the production and export of Ukrainian production and export of foodstuffs​.

The Russian invasion of Ukraine, including the blockade of Black Sea ports, is driving up food prices and contributing to the global spike in inflation. Russia, for its part, denies having blocked the passage of cargo ships and accuses Western sanctions of contributing to the food crisis.

Russian oil price peak

Another hot topic is that G7 leaders will kick off work to put in place a Russian oil cap mechanism to hit a major Moscow revenue stream, a senior White House official has said.

The G7 will ask ministers to work urgently on an oil price cap, consulting third countries and the private sector, with the aim of putting such a cap in place, assured this official a few hours before the end of the summit. This novel and complex mechanism would aim to prevent Russia from selling its oil above a certain price.

Reconstruction of Ukraine, food shortage, price of Russian oil… G7 announcements

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