Meeting in Stresa from May 23 to 25, the G7 finance ministers addressed a number of global issues, including financial support for Ukraine and trade tensions with China. In the run-up to the G7 Summit in June, discussions also focused on the repercussions of frozen Russian assets and the potential risk of retaliation from Moscow.
Two days of crucial discussions on the shores of Italy’s Lake Maggiore. The G7 finance ministers met in Stresa on Thursday May 23 to discuss collective responses to a number of global challenges. These included financial support for Ukraine and industrial competition from China.
“Progress has been made”, commented the meeting’s host, Italian Economy Minister Giancarlo Giorgetti, who praised the “strong political stance” taken by all the G7 countries, which include the USA, Italy, Japan, Canada, Great Britain, France and Germany. “The agreement reached is a political agreement”, he added.
The Italian minister acknowledged, however, that there were still “important technical and legal issues” to be resolved before the G7 leaders’ summit, to be held from June 13 to 15 in Puglia (Italy).
At the meeting in Stresa, a central point of discussion was the use of interest generated by Russian assets frozen abroad to finance aid to Ukraine.
“The G7 appears to be closing in on an agreement to use a substantial portion of Russian money” to fight “Russia’s war of national destruction against Ukraine”, commented the Atlantic Council think tank. “Even if it’s not enough, it’s a big step and it needs to be done quickly”.
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