The Group of Seven (G7) summit commenced in Borgo Egnazia, Italy, with the leaders reaching an agreement on a U.S. proposal to provide a $50 billion loan to Ukraine. The loan will be backed by frozen Russian assets as collateral, demonstrating strong support for Kyiv amidst the shifting political landscape in Europe. Italian Premier Giorgia Meloni welcomed the heads of state from the G7 nations, emphasizing the importance of dialogue with the global south and unity.
The summit’s agenda includes discussions on Ukraine, the conflict in Gaza, and China’s industrial policy. Notably, Pope Francis will address the G7 summit, becoming the first pope to do so. He is expected to speak about the promises and risks associated with artificial intelligence, while also renewing his appeal for a peaceful resolution to Russia’s invasion of Ukraine and the Israel-Hamas war in Gaza.
In addition to the G7 members (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States), several African leaders have been invited to the summit to discuss Meloni’s development and migration initiatives. Other notable guests include the presidents of Ukraine, Brazil, and Turkey, as well as the prime minister of India.
Given that President Joe Biden, U.K. Prime Minister Rishi Sunak, and French President Emmanuel Macron are facing upcoming elections, there is pressure on the G7 to accomplish as much as possible while the current political landscape remains stable.
The U.S. proposal for the loan to Ukraine involves utilizing interest earned on profits from Russia’s frozen central bank assets, primarily held in the European Union, as collateral. European Commission President Ursula von der Leyen described it as a strong signal of support for Ukraine’s fight for freedom and a message to Russian President Vladimir Putin that he cannot outlast the international community. While a political decision has been reached, the technical and legal details of tapping into the frozen assets still need to be worked out.
Ukrainian President Volodymyr Zelenskyy expressed gratitude for the support and listed the asset deal as one of the arrangements he hopes to see finalized during the summit. He also mentioned the desire for a bilateral security agreement with the U.S. and Japan.
During the summit, U.K. Prime Minister Rishi Sunak announced nonmilitary aid of up to £242 million ($310 million) to Ukraine. Additionally, new sanctions will be imposed against suppliers of munitions and other aid to Russia’s military located in China, Israel, Kyrgyzstan, and Turkey. The United States also expanded its sanctions against Russia, targeting Chinese companies that are assisting Russia’s war efforts.
The G7 summit takes place in Borgo Egnazia, a luxury resort in southern Italy. The resort, resembling a medieval white-stone hamlet, was sealed off for the duration of the summit. Over 2,000 police and Carabinieri forces have been deployed for security, with authorities relocating them from a decommissioned cruise ship due to hygienic concerns.
Pope Francis’ participation in the summit highlights his call for an international treaty to ensure the ethical development and use of artificial intelligence. He is particularly concerned about AI’s implications in the armaments sector and its impact on the most vulnerable members of society.
As the G7 leaders gather, Italy’s Prime Minister Giorgia Meloni, bolstered by her far-right party’s recent electoral success, aims to assert her influence. Notably, negotiators successfully removed the word “abortion” from the G7 final communique, a move that drew criticism from French President Emmanuel Macron. Meloni has stated that she will not roll back abortion rights in Italy, but concerns remain among the center-left opposition.