senior fellow at the Atlantic Council who works in the financial services industry, said of Russia’s cooperation with a price cap. “If that were the case, he wouldn’t have invaded Ukraine in the first place.”

But proponents believe that if the European Union bans insurance transactions, an oil price cap may be the best chance to mitigate the economic fallout.

John E. Smith, former director of the foreign assets control unit, said the key was ensuring that financial services firms and maritime insurers were not responsible for vetting every oil transaction, as well as providing guidance on complying with the sanctions.

“The question is will enough jurisdictions agree on the details to move this forward,” said Mr. Smith, who is now co-head of Morrison & Foerster’s national security practice. “If they do, it could be a win for everyone but Russia.”

Matina Stevis-Gridneff contributed reporting from Brussels.

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G20 finance chiefs make few policy breakthroughs at Indonesia meeting

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NUSA DUA, Indonesia, July 16 (Reuters) – The Group of 20 major economies’ finance chiefs on Saturday pledged to address global food insecurity and rising debt, but made few policy breakthroughs amid divisions over Russia’s war in Ukraine at a two-day meeting in Indonesia.

With questions growing about the effectiveness of the G20 in tackling the world’s major problems, U.S. Treasury Secretary Janet Yellen said the differences had prevented the finance ministers and central bankers from issuing a formal communique but that the group had “strong consensus” on the need to address a worsening food security crisis.

Host Indonesia will issue a chair’s statement instead. Finance Minister Sri Mulyani Indrawati said most topics were agreed by all members except for particular statements about the war in Ukraine. She described it as the “best result” the group could have achieved at this meeting.

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Western countries have enforced strict sanctions against Russia, which says it is conducting a “special military operation” in Ukraine. Other G20 nations, including China, India and South Africa, have been more muted in their response.

“This is a challenging time because Russia is part of the G20 and doesn’t agree with the rest of us on how to characterize the war,” Yellen said, but stressed the disagreement should not prevent progress on pressing global issues.

Russia’s finance minister attended the meeting virtually while his deputy attended in person. Ukraine’s finance minister addressed the session virtually where he called for “more severe targeted sanctions”.

Indonesia’s Sri Mulyani said while chairing a fractured G20 has been “quite overwhelming” due to the war in Ukraine, all members agreed that food insecurity requires special attention and she called for removal of trade protections that prevented flow of food supplies.

The G20 will set up a joint forum between finance and agriculture ministers to address food and fertilize supply issue. A similar forum has been set up for finance and health ministers for pandemic preparedness.

Analysts said the failure to agree on a communique reflected the weakness of the once-mighty economic grouping.

“We are in a rudderless moment in the world economy with the G20 paralysed by Putin’s war and the G7 unable to lead on global public goods,” said Kevin Gallagher, who heads the Global Development Policy Center at Boston University.

G20 members pulled together at the start of the pandemic, but initiatives to cushion the shock for heavily indebted poor countries failed to produce significant results.

Western countries, concerned about the lack of transparency in China’s lending, were pressuring Beijing to restructure debt contracts and transform its role to “one that (contributes) to the country rather than to one of indebtedness and servitude,” said U.S. Ambassador to Japan Rahm Emanuel. But they were frustrated that Chinese officials did not attend the meetings in person, making sideline discussions impossible.

Kristalina Georgieva, head of the International Monetary Fund, warned more than 30% of emerging and developing countries – and a staggering 60% of low-income countries – were in or near debt distress. read more

“The debt situation is deteriorating fast and a well-functioning mechanism for debt resolution should be in place,” she said.

Sri Mulyani said G20 also encouraged further progress on the implementation of the Common Framework for Debt Treatment beyond the debt service suspension initiative in a timely, orderly, and coordinated manner.

She said there were discussions on how to make the framework more effective for countries in need.

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Additional reporting by Stefanno Sulaiman in Nusa Dua and Leigh Thomas in Paris; Editing by William Mallard, Kanupriya Kapoor, Tom Hogue and William Mallard

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Factbox: The many scandals of Boris Johnson’s premiership

British Prime Minister Boris Johnson addresses parliament on the Commonwealth Heads of Government meeting, G7 and NATO summits, at the House of Commons in London, Britain July 4, 2022. UK Parliament/Jessica Taylor/Handout via REUTERS

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LONDON, July 7 (Reuters) – Boris Johnson will announce his resignation as British Prime Minister on Thursday, a government source said, after he was abandoned by ministers and his Conservative Party’s lawmakers who said he was no longer fit to govern.

After days of battling for his job, Johnson had been abandoned by all but a handful of allies after the latest in a series of scandals broke their willingness to support him. read more

Below are some of the scandals that have hurt Johnson politically:

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THE PINCHER AFFAIR

Mass resignations from the government this week followed accusations by a senior former civil servant that Johnson’s office gave false information about past sexual harassment allegations against lawmaker Christopher Pincher.

In February, Johnson appointed Pincher deputy chief whip, giving him responsibility for the wellbeing of other Conservative lawmakers. Last week, Pincher was suspended from the party after acknowledging he had made other people uncomfortable during a drunken night out. It subsequently emerged that Pincher had been the subject of past sexual harassment allegations.

Johnson’s office initially said the prime minister had been unaware of specific past allegations against Pincher. However, on Monday, senior former civil servant Simon McDonald wrote a letter saying he had investigated the allegations in 2019 and had upheld the complaints.

“PARTYGATE”

The term “Partygate” was coined to refer to a scandal over parties held in government, including in Johnson’s own Downing Street office, which were found to have violated strict COVID-19 lockdown rules.

Johnson himself was fined by police for attending a birthday party, and was forced to apologise to Queen Elizabeth after it emerged staff had partied in Downing Street on the eve of her husband Prince Philip’s funeral in April 2021. She had been seated alone at the funeral because mixing indoors was banned.

A report by a senior civil servant gave a damning account on a series of illegal lockdown parties, detailing instances of staff’s excessive alcohol consumption and vomiting.

Parliament is still investigating whether Johnson misled lawmakers on repeated occasions when he denied being aware of illegal parties. Johnson says he sincerely believed at the time that gatherings did not break the law, but accepts now that he was mistaken.

OTHER SEX SCANDALS

Johnson’s Conservatives have been hit by other scandals of lawmakers accused of sexual improprieties, including two that led to lawmakers resigning. In both cases, the Conservatives lost special elections held last month to replace them.

Conservative lawmaker Imran Ahmad Khan resigned after being found guilty of having sexually abused a 15-year-old boy. Neil Parish, another Conservative lawmaker, resigned after admitting he watched pornography on his phone in the House of Commons twice, in “a moment of madness”. read more

Another Conservative lawmaker has been arrested on suspicion of rape, sexual assault and other offences. The lawmaker was bailed in May and has not been identified in the media to protect the identity of the alleged victim.

OWEN PATERSON AFFAIR

Last year, parliament’s standards committee recommended suspending Conservative lawmaker and former minister Owen Paterson for 30 days after finding he had committed an “egregious case of paid advocacy” by lobbying on behalf of companies that paid him. read more

The Conservatives initially voted in parliament to halt Paterson’s suspension and overhaul the process of investigating lawmakers. After damaging headlines, Paterson resigned and the government abandoned the proposed changes. The Conservatives lost the election to fill Paterson’s seat.

PROBE ON REFURBISHMENT

After a refurbishment of Johnson’s Downing Street flat – led by a celebrity designer and including gold wallpaper – Britain’s electoral commission fined the Conservatives 17,800 pounds for failing to accurately report a donation to pay for it.

Johnson’s ethics adviser later criticised the prime minister for failing to disclose some messages exchanged with the donor. However, he concluded that Johnson had not intentionally lied about the messages. read more

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Reporting by Kylie MacLellan, Alistair Smout and Andrew MacAskill; Editing by Peter Graff and Catherine Evans

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Russia joins G20 meeting overshadowed by Ukraine conflict

  • Lavrov attending gathering of Russia’s most vocal opponents
  • Talks to include global food and energy security
  • Britain’s Truss to cut short trip – BBC
  • G7 countries not present at Bali reception
  • ‘Everyone has to feel comfortable’ – Indonesia minister

NUSA DUA, Indonesia, July 7 (Reuters) – Russian Foreign Minister Sergei Lavrov will have his first close encounter with the fiercest critics of his country’s invasion of Ukraine at a G20 gathering in Indonesia that was getting under way on Thursday with the war all but certain to dominate discussions.

A closed-door foreign minister’s meeting on Friday will be the first time Russian President Vladimir Putin’s top diplomat Lavrov will come face-to-face with the most vocal opponents of the invasion of Ukraine in February, which Moscow has called a “special military operation”.

Lavrov planned to meet some of his counterparts on the sidelines of the summit, Russian news agency TASS reported, but ministers including Germany’s Annalena Baerbock and U.S. Secretary of State Antony Blinken have ruled out separate meetings with him.

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Underlining tensions in the buildup to the meeting, Retno Marsudi, Indonesia’s foreign minister, said G7 counterparts had informed her they could not attend Thursday’s reception ceremony, decisions that the host nation understood and respected. It was not immediately clear if Lavrov attended.

“We’re talking about trying to create a comfortable situation for all,” Retno told reporters.

“I understand your position. Because once again, everyone has to feel comfortable to attend.”

Australian Foreign Minister Penny Wong said her country and like-minded nations would use the G20 meeting to highlight the impact of the war.

“We will be making very clear collectively our views about Russia’s position and Russia’s behaviour,” she said.

British Foreign Secretary Liz Truss, however, may leave early: the BBC reported she planned to return to London amid the political drama around Prime Minister Boris Johnson’s resignation.

A British Foreign Office official declined to comment.

GLOBAL FOOD CRISIS

Energy and food security are on the Bali meeting agenda, with Western nations accusing Russia of stoking a global food crisis and worsening inflation by blockading shipments of Ukrainian grain. Russia has said it is ready to facilitate unhindered exports of grain.

The Group of 20 includes Western countries that have accused Moscow of war crimes in Ukraine – which it denies – and have imposed sanctions, but also countries like China, Indonesia, India and South Africa that have been more muted in their response.

Speaking after meeting his Chinese counterpart Wang Yi, Lavrov emphasised the importance of Russia-China ties in shaping a more “just and democratic world based on the principles of international law”.

He also lashed out at what he said was an “openly aggressive” West “which seeks to maintain its privileged position and dominance in international affairs”.

Some U.S. and European officials have stressed the gathering will not be “business as a usual”. A spokesperson for the German foreign minister said G7 countries would coordinate their response to Lavrov.

In 2014, the G7 excluded Russia from what had become the G8, over its annexation of Crimea.

Top officials from Britain, Canada and the United States walked out on Russian representatives during a G20 finance meeting in Washington in April. However despite early talk of boycotting subsequent G20 meetings, some analysts say Western nations may have decided this would be counterproductive.

A senior U.S. State Department official said on Thursday it was important to maintain a focus on what Indonesia had set out for its G20 presidency and “not let there be any disruptions or interruptions to that”.

“We also want to make sure that there’s nothing that in any way, shape or form lends any conceivable legitimacy to what Russia is doing in brutalising Ukraine,” the official said.

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Reporting by Stanley Widianto and Yuddy Chaya Budiman in Nusa Dua, Kirsty Needham in Sydney and David Brunnstrom in Tokyo; Writing by Kate Lamb
Editing by Ed Davies, Frances Kerry, Martin Petty, William Maclean

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G7 to hike sanctions on Russia, nears oil price cap deal

  • G7 to announce new Russia sanctions on Tuesday – U.S. official
  • G7 to work with other countries, private sector on oil price cap
  • Japan tries to cut zero-emission vehicles goal from G7 statement

SCHLOSS ELMAU, Germany, June 27 (Reuters) – The Group of Seven rich democracies will commit on Tuesday to a new package of coordinated actions meant to raise pressure on Russia over its war in Ukraine, and will finalise plans for a price cap on Russian oil, a senior U.S. official said on Monday.

The announcement came as the White House said Russia had defaulted on its foreign sovereign bonds for the first time in decades – an assertion Moscow rejected – and as Ukrainian President Volodymyr Zelenskiy spoke virtually with G7 leaders meeting at an alpine resort in southern Germany. read more

Zelenskiy asked leaders of the Group of Seven leading industrial democracies for a broad range of military, economic and diplomatic support, according to a European official.

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G7 nations, which generate nearly half the world’s economic output, want to crank up pressure on Russia without stoking already soaring inflation that is causing strains at home and savaging the global south.

The price cap could hit Russian President Vladimir Putin’s war chest while actually lowering energy prices.

“The dual objectives of G7 leaders have been to take direct aim at Putin’s revenues, particularly through energy, but also to minimize the spillovers and the impact on the G7 economies and the rest of the world,” the U.S. official said on the sidelines of the annual G7 summit.

G7 leaders would also make an “unprecedented, long-term security commitment to providing Ukraine with financial, humanitarian, military and diplomatic support as long as it takes”, including the timely provision of advanced weapons, the White House said in a fact sheet.

Western sanctions have hit Russia’s economy hard and the new measures are aimed at further depriving the Kremlin of oil revenues. G7 countries would work with others – including India – to limit the revenues that Putin can continue to generate, the U.S. official said.

India’s Prime Minister Narendra Modi is one of the five leaders of guest nations joining the G7 for talks on climate change, energy, health, food security and gender equality on the second day of the summit.

“Since it is a mechanism that could benefit third countries more than Europe,” one EU official said. “These countries are asking questions about the feasibility, but in principle to pay less for energy is a very popular theme.”

TARGETING RUSSIAN GOLD, DEFENCE SECTOR

A U.S. official said news that Russia defaulted on its foreign sovereign bonds for the first time since the Bolshevik revolution in 1917 showed how effective Western sanctions have been.

“This morning’s news around the finding of Russia’s default, for the first time in more than a century, situates just how strong the actions are that the U.S., along with allies and partners, have taken, as well as how dramatic the impact has been on Russia’s economy,” the official added.

The Kremlin, which has the funds to make payments thanks to rich energy revenues, swiftly rejected the U.S. statement, accusing the West of driving it into an artificial default. read more

New sanctions planned by the G7 countries will target Moscow’s military production, crack down on its gold imports and target Russian-installed officials in contested areas. read more

The G7 leaders would task their governments to work intensively on how to implement the Russian price cap, working with countries around the world and stakeholders including the private sector, the official said.

The United States said it would also implement sanctions on hundreds of individuals and entities adding to the more than 1,000 already sanctioned, target companies in several countries and impose tariffs on hundreds of Russia products. read more

The agencies involved would release details on Tuesday to minimize any flight risk, a second senior administration official said.

The Ukraine crisis has detracted attention from another crisis – that of climate change – originally set to dominate the summit. Activists fear Western nations are watering down their climate ambitions as they scramble to find alternatives to Russian gas imports and rely more heavily on coal, a dirtier fossil fuel, instead.

Japan is also pushing to remove a target for zero-emission vehicles from a G7 communique expected this week, according to a proposed draft seen by Reuters. read more

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Reporting by Andrea Shalal and Sarah Marsh, Additional Reporting by Angelo Amante, Phil Blenkinsop; Editing by Thomas Escritt, Mark Heinrich and Alex Richardson

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Ukraine pleads for air defence as Russia turns sights on Lysychansk

  • This is not an accidental hit, Zelenskiy says of strike on mall
  • Russian attack on frontline eastern city kills eight: Ukraine
  • G7 leaders promise nearly $30 billion in new aid for Kyiv

KREMENCHUK, Ukraine, June 27 (Reuters) – Russian missiles struck a crowded shopping mall in central Ukraine on Monday, President Volodymyr Zelenskiy said, as Moscow fought for control of a key eastern city and Western leaders promised to support Kyiv in the war “as long as it takes”.

More than 1,000 people were inside when two Russian missiles slammed into the mall in the city of Kremenchuk, southeast of Kyiv, Zelenskiy wrote on Telegram. At least 16 people were killed and 59 injured, Ukraine’s emergency services said. Rescuers trawled through mangled metal and debris for survivors.

“This is not an accidental hit, this is a calculated Russian strike exactly onto this shopping centre,” Ukrainian President Volodymyr Zelenskiy said in an evening video address, adding there were women and children inside. He said the death count could rise.

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Russia has not commented on the strike, which was condemned by the United Nations and Ukraine’s Western allies. But its deputy ambassador to the United Nations, Dmitry Polyanskiy, accused Ukraine of using the incident to gain sympathy ahead of a June 28-30 summit of the NATO military alliance.

“One should wait for what our Ministry of Defence will say, but there are too many striking discrepancies already,” Polyanskiy wrote on Twitter.

As night fell in Kremenchuk, firefighters and soldiers brought lights and generators to continue the search. Family members, some close to tears and with hands over their mouths, lined up at a hotel across the street where rescue workers had set up a base.

Kiril Zhebolovsky, 24, was looking for his friend, Ruslan, 22, who worked at the Comfy electronics store and had not been heard from since the blast.

“We sent him messages, called, but nothing,” he said. He left his name and phone number with the rescue workers in case his friend is found.

The United Nations Security Council will meet Tuesday at Ukraine’s request following the attack on the shopping mall. U.N. spokesman Stephane Dujarric said the attack was “deplorable”.

Leaders of the Group of Seven major democracies, gathered for their annual summit in Germany, condemned what they called an “abominable” attack.

“We stand united with Ukraine in mourning the innocent victims of this brutal attack,” they wrote in a joint statement tweeted by the German government spokesperson. “Russian President Putin and those responsible will be held to account.”

Dmyto Lunin, governor for Poltava which includes Kremenchuk, said it was the most tragic day for region in more than four months of war.

“(We) will never forgive our enemies … This tragedy should strengthen and unite us around one goal: victory,” Lunin said on Telegram.

Elsewhere on the battlefield, Ukraine endured another difficult day following the loss of the now-ruined city of Sievierodonetsk after weeks of bombardment and street fighting.

Russian artillery was pounding Lysychansk, its twin across the Siverskyi Donets River. Lysychansk is the last big city still held by Ukraine in the eastern Luhansk province, a main target for the Kremlin after Russian troops failed to take the capital Kyiv early in the war.

A Russian missile strike killed eight and wounded 21 others in Lysychansk on Monday, the area’s regional governor Serhiy Gaidai said. There was no immediate Russian comment.

Ukraine’s military said Russia’s forces were trying to cut off Lysychansk from the south. Reuters could not confirm Russian reports that Moscow’s troops had already entered the city.

‘AS LONG AS IT TAKES’

Russia invaded Ukraine on Feb. 24 in what the Kremlin calls a “special military operation” to rid the country of far-right nationalists and ensure Russian security. The war has killed thousands, sent millions fleeing and laid waste to cities.

During their summit in Germany, G7 leaders, including U.S. President Joe Biden, said they would keep sanctions on Russia for as long as necessary and intensify international pressure on President Vladimir Putin’s government and its ally Belarus.

“Imagine if we allowed Putin to get away with the violent acquisition of huge chunks of another country, sovereign, independent territory,” British Prime Minister Boris Johnson told the BBC.

The United States said it was finalising another weapons package for Ukraine that would include long-range air-defence systems – arms that Zelenskiy specifically requested when he addressed the leaders by video link on Monday. read more

In his address to the G7 leaders, Zelenskiy asked again for more arms, U.S. and European officials said. He requested help to export grain from Ukraine and for more sanctions on Russia.

The G7 nations promised to squeeze Russia’s finances further – including a deal to cap the price of Russian oil that a U.S. official said was “close” – and promised up to $29.5 billion more for Ukraine. read more

“We will continue to provide financial, humanitarian, military and diplomatic support and stand with Ukraine for as long as it takes,” a G7 statement said.

The White House said Russia had defaulted on its external debt for the first time in more than a century as sweeping sanctions have effectively cut the country off from the global financial system.

Russia rejected the claims, telling investors to go to Western financial agents for the cash which was sent but bondholders did not receive. read more

The war has created difficulties for countries way beyond Europe’s borders, with disruptions to food and energy exports hitting the global economy. read more

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Reporting by Reuters bureaux; Writing by Angus MacSwan, Nick Macfie and Rami Ayyub; Editing by Frank Jack Daniel and Catherine Evans

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G7 aims to raise $600 bln to counter China’s Belt and Road

SCHLOSS ELMAU, Germany, June 26 (Reuters) – Group of Seven leaders pledged on Sunday to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China’s older, multitrillion-dollar Belt and Road project.

U.S. President Joe Biden and other G7 leaders relaunched the newly renamed “Partnership for Global Infrastructure and Investment,” at their annual gathering being held this year at Schloss Elmau in southern Germany.

Biden said the United States would mobilize $200 billion in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change as well as improve global health, gender equity and digital infrastructure.

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“I want to be clear. This isn’t aid or charity. It’s an investment that will deliver returns for everyone,” Biden said, adding that it would allow countries to “see the concrete benefits of partnering with democracies.”

Biden said hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds and others.

Europe will mobilize 300 billion euros ($317.28 billion) for the initiative over the same period to build up a sustainable alternative to China’s Belt and Road Initiative scheme, which Chinese President Xi Jinping launched in 2013, European Commission President Ursula von der Leyen told the gathering.

The leaders of Italy, Canada and Japan also spoke about their plans, some of which have already been announced separately. French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating.

China’s investment scheme involves development and programs in over 100 countries aimed at creating a modern version of the ancient Silk Road trade route from Asia to Europe.

White House officials said the plan has provided little tangible benefit for many developing countries.

U.S. President Joe Biden attends a working lunch with other G7 leaders to discuss shaping the global economy at the Yoga Pavilion, Schloss Elmau in Kuren, Germany, June 26, 2022. Kenny Holston/Pool via REUTERS

Chinese foreign ministry spokesman Zhao Lijian defended the track record of BRI when asked for comment at a daily briefing in Beijing on Monday.

“China continues to welcome all initiatives to promote global infrastructure development,” Zhao said of the G7’s $600 billion plan.

“We believe that there is no question that various related initiatives will replace each other. We are opposed to pushing forward geopolitical calculations under the pretext of infrastructure construction or smearing the Belt and Road Initiative.”

Biden highlighted several flagship projects, including a $2 billion solar development project in Angola with support from the Commerce Department, the U.S. Export-Import Bank, U.S. firm AfricaGlobal Schaffer, and U.S. project developer Sun Africa.

Together with G7 members and the EU, Washington will also provide $3.3 million in technical assistance to Institut Pasteur de Dakar in Senegal as it develops an industrial-scale flexible multi-vaccine manufacturing facility in that country that can eventually produce COVID-19 and other vaccines, a project that also involves the EU.

The U.S. Agency for International Development (USAID) will also commit up to $50 million over five years to the World Bank’s global Childcare Incentive Fund.

Friederike Roder, vice president of the non-profit group Global Citizen, said the pledges of investment could be “a good start” toward greater engagement by G7 countries in developing nations and could underpin stronger global growth for all.

G7 countries on average provide only 0.32% of their gross national income, less than half of the 0.7% promised, in development assistance, she said.

“But without developing countries, there will be no sustainable recovery of the world economy,” she said.

($1 = 0.9455 euros)

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Reporting by Andrea Shalal; Additional reporting by Martin Quin Pollard in Beijing; Editing by Mark Porter, Lisa Shumaker and Muralikumar Anantharaman

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Europe must give developing nations alternative to Chinese funds, von der Leyen says

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European Commission President Ursula von der Leyen attends the official welcome to the G7 leaders summit at Bavaria’s Schloss Elmau castle, near Garmisch-Partenkirchen, Germany June 26, 2022. REUTERS/Benoit Tessier/Pool

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BERLIN, June 26 (Reuters) – Europe will mobilize 300 billion euros in private and public funds over five years to fund infrastructure in developing countries as part of the G7’s drive to counter China’s multitrillion-dollar Belt and Road project, European Commission President Ursula von der Leyen said on Sunday.

“It is up to us to give a positive and powerful investment impulse to the world to show our partners in the developing world that they have a choice and that we intend to step up in solidarity to meet their development needs,” von der Leyen said at a news conference alongside the leaders of Germany, Italy, Canada, the United States and Japan.

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G7 to announce ban on import of new Russian gold on Tuesday, U.S. official says

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An employee stores newly casted ingots of 99.99 percent pure gold after weighing at the Krastsvetmet non-ferrous metals plant, one of the world’s largest producers in the precious metals industry, in the Siberian city of Krasnoyarsk, Russia November 22, 2018. REUTERS/Ilya Naymushin

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KRUEN, Germany, June 26 (Reuters) – The Group of Seven rich democracies will announce a ban on imports of Russian gold on Tuesday, as part of ongoing efforts to hold Russia accountable for its war in Ukraine and block attempts to evade Western sanctions, a senior U.S. administration official said on Sunday.

Britain and the United States would announce the move on Sunday, followed by an official announcement on Tuesday, the official said.

“The president and other G7 leaders will continue to work to hold (Russian President Vladimir) Putin accountable. Today the U.S. and the U.K. are announcing that G7 leaders will ban imports of Russian gold. The official announcement will come on Tuesday,” the official said.

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UK to provide 1.3 billion pounds of further military support to Ukraine

Ukraine’s President Volodymyr Zelenskiy and British Prime Minister Boris Johnson attend a news briefing, as Russia’s attack on Ukraine continues, in Kyiv, Ukraine April 9, 2022. Ukrainian Presidential Press Service/Handout via REUTERS ATTENTION EDITORS – THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. MANDATORY CREDIT/File Photo

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LONDON, May 7 (Reuters) – Britain said it would provide a further 1.3 billion pounds ($1.60 billion) in military support and aid to Ukraine, making the pledge ahead of a planned video call on Sunday by Group of Seven leaders with Ukrainian President Volodymyr Zelenskiy.

Prime Minister Johnson has been one of the strongest supporters of Ukraine’s efforts to resist Russian forces since Russian President Vladimir Putin launched the invasion on Feb. 24. Johnson’s government has sent anti-tank missiles, air defence systems and other weapons to Ukraine.

The new pledge almost doubles Britain’s previous spending commitments on Ukraine and the government said this is the highest rate of spending on a conflict since the wars in Iraq and Afghanistan, although it did not give details of this calculation.

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“Putin’s brutal attack is not only causing untold devastation in Ukraine – it is also threatening peace and security across Europe,” Johnson said in a statement. Last week he became the first Western leader to address Ukraine’s parliament since the start of the invasion.

The leaders of the G7 countries – Britain, Canada, France, Germany, Italy, Japan and the United States – will hold their virtual meeting with Zelenskiy on Sunday, the day before Russia marks its Victory Day holiday, which marks the end of World War Two in Europe. read more

Britain said the extra spending on Ukraine will come from a reserve used by the government for emergencies.

The government also said Johnson will host a meeting of leading defence companies later this month to discuss increasing production in response to increased demand created by the war in Ukraine.

While Britain has provided significant military aid, it has so far accepted relatively few of the more than 5 million Ukrainians who have fled their country. The British government said on Saturday that so far it had issued more than 86,000 visas to Ukrainians, of whom about 27,000 had reached Britain.

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Editing by Frances Kerry

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