Financial leaders from the Group of Seven (G7) will meet in Bengaluru, India on February 23 to discuss measures against Russia in response to its invasion of Ukraine nearly a year ago. The meeting will be chaired by Japan, which holds the presidency of the G7 this year. The discussions will focus on measures to pressure Russia into ending its military intervention in Ukraine, despite previous sanctions by the G7 and other countries. Japan’s Finance Minister, Shunichi Suzuki, stated that “support for Ukraine and sanctions against Russia will be the main topics of discussion”.
The G7 comprises seven leading industrialised countries: Britain, Canada, France, Germany, Italy, Japan, and the United States. The finance ministers and central bank governors of these countries will also prepare for the forthcoming G7 summit in Hiroshima on May 19-21. The meeting will be followed by a gathering of G20 financial leaders, which will be hosted in Bengaluru by India, which holds the presidency of the G20 this year.
The G20 will discuss the Ukraine conflict and its impact on the global economy. Specifically, the G20 will address rising inflation resulting from the war, energy and food prices, and support for emerging market economies facing debt problems. The G20 finance ministers and central bank governors will discuss measures to tackle the debt issues of emerging market economies, which could lead to a financial crisis if left unchecked.
Suzuki stated that Japan will work with the G7 and the international community to enhance the impact of sanctions against Russia to prompt it to withdraw from Ukraine. Despite the punitive measures taken against Russia, the conflict in Ukraine continues. The G7 is expected to discuss further measures that could be implemented to increase the pressure on Russia.
The Ukrainian government has been fighting pro-Russian separatists in the country’s eastern regions since April 2014. The war has claimed over 9,000 lives, displaced more than two million people, and caused significant economic damage. The G7 and other countries have taken a series of measures against Russia, including imposing economic sanctions, to pressure it to end its intervention in Ukraine.
The G20 finance ministers and central bank governors will meet in Bengaluru later in the week to discuss issues affecting the global economy. The G20 comprises 19 countries and the European Union, which together represent around 85% of the world’s GDP.
The meeting is expected to address a range of issues, including the Ukraine conflict and its impact on the global economy, while discussing measures to promote sustainable growth, trade, and investment, and to address climate change. The G20 finance ministers and central bank governors will seek to strengthen the international financial architecture and promote financial stability. The G20 is a key forum for international economic cooperation and policy coordination, and its meetings are closely watched by financial markets and policymakers around the world.