Biden urges G7 to stick together as leaders target Russian gold, oil price

German Chancellor Olaf Scholz, host of the G7, invited Senegal, Argentina, Indonesia, India and South Africa as partner countries at the summit. Many countries in the south of the world are concerned about the collateral damage of Western sanctions against Russia.

Oxfam and other campaign groups said the pain of food price spikes was “visceral” for developing countries.

They want G7 leaders to tax excessive corporate profits to help those affected by the food crisis, cancel the debt of the poorest countries and support developing countries in their fight against the food crisis and climate change.

An EU official said the G7 countries would convince partner countries that the rise in food prices was the result of Russia’s actions and not Western sanctions.

Officials from some G7 countries, including Germany and Britain, are pushing for temporary exemptions from biofuels mandates to combat rising food prices, according to sources familiar with the matter.

But Germany expects the proposal to fail to gain G7 support because of opposition from the US and Canada, a government official told Reuters on Sunday.

UNIT TESTED

Western nations gathered around Kiev when Russia invaded Ukraine in February, but more than four months into the war, that unity is being tested as rising inflation and energy shortages hit their own citizens.

At the start of a bilateral meeting, Biden thanked Scholz for showing leadership over Ukraine and said Russian President Vladimir Putin had failed to break their unity.

“Putin expected from the start that NATO and the G7 would somehow shatter. But we haven’t and we won’t,” Biden said.