INSUBCONTINENT EXCLUSIVE:
SCHLOSS ELMAU, Germany, June 26 (Reuters) - U.S
by war in Ukraine and its impact on food and energy supplies and the global economy.At the start of the meeting in the Bavarian Alps, four
of the Group of Seven rich nations moved to ban imports of Russian gold to tighten the sanctions squeeze on Moscow and cut off its means of
financing the invasion of Ukraine.However, it was not immediately clear whether there was consensus on the move, with European Council
President Charles Michel saying the issue would need to be handled carefully
read moreGermany also expected its proposal for a temporary waiver on biofuel mandates, designed to combat soaring food prices, would fail
to secure G7 backing due to U.S
read moreWestern countries rallied around Kyiv when Russia invaded Ukraine in February, but more than four months into the war, that unity
is being tested as soaring inflation and energy shortages rebound on their own citizens.Chided by Ukraine for not going far enough to punish
the start of a bilateral meeting, Biden thanked German Chancellor Olaf Scholz for showing leadership on Ukraine and said Russian President
France, Germany, Italy, Japan and the United States - were greeted with flowers as Bavarian mountain riflemen stood to attention in the
sunshine at Schloss Elmau, a castle at the foot of the Wetterstein mountains.Leaders are expected to discuss options for tackling rising
energy prices and replacing Russian oil and gas imports, as well as sanctions that do not exacerbate the cost-of-living crisis affecting
their own populations.Soaring global energy and food prices are hitting economic growth in the wake of the conflict in Ukraine, with the
Russian gold imports was aimed at wealthy Russians who have been buying safe-haven bullion to reduce the financial impact of Western
oil and gas and was open to discussing a U.S
However, he said the G7 needed to work towards getting a maximum oil price and this needed the buy-in of oil producers in the Organization
apartment block and a kindergarten, Foreign Minister Dmytro Kuleba said the G7 must respond with more weapons and tougher sanctions on
accused him of dragging his feet.Scholz has invited Senegal, Argentina, Indonesia, India and South Africa as partner nations at the summit
Many countries of the global south are concerned about the collateral damage from Western sanctions.Oxfam and other campaign groups said the
hit by the food crisis, cancel debts of the poorest nations and to support developing countries in their battle against the food crisis and
actions not Western sanctions.Source: REUTERS-Agencies
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