He said: Russia “can’t acquire what it needs to modernize its defense sector, to modernize its technology, to modernize its energy exploration, which means that over time each of these areas is going to go in decline.” He said in an interview with CNN at the G-7 summit in Germany on Sunday that “even as (Russia) gets oil revenues with higher prices it’s unable to spend them because of the export controls.” Secretary of State Antony Blinken says Western sanctions on Russia over its invasion of Ukraine are having “a profound impact.” In a jab at China, European Commission President Ursula von der Leyen said the G-7 is offering “sustainable, quality infrastructure” and will be “listening closely to the recipient countries.” says the G-7 backed effort promotes responsible investments that aim to benefit the communities they are made in.Īmong the first initiatives are a $2 billion solar farm investment in Angola in Southwest AFrica, $320 million for hospital construction in Ivory Coast, in West Africa, and $40 million to promote regional energy trade in Southeast Asia.

It adds that most of the funding will come from the private sector, sovereign wealth and global development funds, rather that direct taxpayer dollars.

investment over the next five years, along with a similar amount from G-7 allies, to boost infrastructure development in lower- and middle-income nations. The White House says the initiative seeks to leverage $200 billion in U.S. The G-7 program responds to China’s so-called Belt and Road Initiative, which Western officials have long argued traps receiving countries in debt and with investments that benefit China more than their hosts. The Group of Seven leading democratic economies has formally launched at its annual summit a global infrastructure and investment partnership aimed at pushing back China’s influence in the developing world. Why Germany is pushing for a ' climate club ' President Joe Biden urges Western unity on Ukraine It shows the leaders, with open collars for the men, standing in front of the bench, some with their arms around each other’s shoulders. The 2015 photo showed Merkel gesturing with outstretched arms toward a seated Obama. President Barack Obama having a conversation when Merkel hosted the annual G-7 summit at the secluded luxury hotel where the group is meeting this week. It’s where photographers captured then-German Chancellor Angela Merkel and then-U.S.

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