G7 in Italy finalises ambitious financial plan to aid Ukraine
The leaders of the world's seven richest democracies began their annual summit in Italy on Thursday as they seek to clinch a deal on an ambitious aid plan for Ukraine, financed by Russian assets frozen by the West.
The presidents of the United States, Joe Biden, and France, Emmanuel Macron, as well as the prime ministers of Canada (Justin Trudeau), the United Kingdom (Rishi Sunak), Japan (Fumio Kishida) and Germany (Olaf Scholz) were welcomed by the host, Italian Prime Minister Giorgia Meloni, for the traditional family photo at Borgo Egnazia, a luxury resort in the southern Italian region of Apulia.
The G7, in which Ukrainian President Volodimir Zelenski is also a guest, has "an irreplaceable role in the management of global crises, in particular those that continue to put our freedom and democracy at risk", Meloni said at the opening of the summit.
The Ukraine plan seeks to use the interest earned on nearly 300 billion euros (325 billion dollars) of Russian assets frozen by Western allies after the February 2022 invasion as collateral for a 50 billion dollar loan to the embattled country.
Pending an official announcement, German Finance Minister Christian Lindner said on Twitter that the deal is already done, while US national security adviser Jake Sullivan was more cautious and spoke of "very good progress".
Zelenski announced on social media that Ukraine will sign security agreements with the US and Japan in Italy and that he expects "important decisions" at the summit.
The other major issue to be discussed in Puglia is how to reach a truce in the war in the Gaza Strip between Israel and the Palestinian Islamist movement Hamas.
G7 leaders have announced their support for a truce proposal by Biden, which envisages the release of hostages taken by Hamas in Israel in the 7 October attack.
However, the Palestinian movement is proposing amendments to the plan. According to Secretary of State Antony Blinken, "some changes are achievable, some are not".
"The time for haggling is over," Sullivan said, while Israel has not officially announced its position on the truce and continues its offensive in the Palestinian territory.
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The Italian prime minister, whose country holds the rotating presidency of the G7, also invited a dozen leaders from outside the group, including the presidents of Brazil, Luiz Inácio Lula da Silva, and Argentina, Javier Milei.
Milei has bilateral meetings on Friday with Meloni and the French president, as well as the heads of the International Monetary Fund, Kristalina Georgieva, and the World Bank, Ajay Banga.
The thematic sessions and numerous bilateral meetings will also address other issues, starting with tensions with China, one of Russia's main backers.
The United States and Europe accuse Beijing of flooding markets with low-priced subsidised products, particularly electric cars.
Also on the guest list are Indian Prime Minister Narendra Modi, Turkish President Recep Tayyip Erdogan, Jordan's King Abdullah II and UN Secretary General Antonio Guterres.
But perhaps one of the most unexpected is 87-year-old Pope Francis, who this time is coming not only as a spiritual leader but also to give a talk on Friday on artificial intelligence and "algorethics" (the ethics of algorithms), an issue of concern to the Vatican.
The summit is being held at Borgo Egnazia, an exclusive resort 60 kilometres south of Bari, the regional capital, completely cut off from the outside world and also from journalists.
The resort, which mimics Italian architecture like a theme park, is Madonna's favourite on her trips to Italy and among other amenities has its own Michelin-starred restaurant.
