Scholz Optimistic in Hiroshima
Upon his arrival in Japan, Chancellor Scholz expressed optimism that the G7 could prevent Russia from circumventing sanctions. The summit in Hiroshima will also address relations with China.
Ukraine Conflict Dominates G7 Summit
The heads of state and government of the seven wealthy democracies are meeting in Hiroshima to discuss the crisis in Ukraine. The member countries are discussing how to provide additional financial assistance as well as military aid, with Ukrainian President Zelensky joining by video. However, no concrete commitments have been made yet.
G7 Discusses Ways to Prevent Sanction Evasion
Western leaders and Japan are discussing strategies to prevent Russia from evading sanctions, such as transport of Russian oil via third-party countries or EU products reaching Russia via intermediary countries. Chancellor Scholz expressed confidence that sanction evasion could be effectively addressed and resolved.
New possible sanctions against Russia
The group of wealthy democracies is seeking to limit the export of raw diamonds from Russia, according to an EU diplomat. The sanctions would help reduce the state’s revenues from diamond sales and ensure that gems sold to other countries remain recognizable as Russian diamonds. Russia, as the world’s largest producer of raw diamonds, hails the majority of its diamond trade via the partially state-owned Alrosa. The EU has yet to impose an embargo on the trade due to resistance from Belgium, where the diamond trade is a significant economic sector.
Global Economic Development Key Topic
The summit participants aim to discuss global economic development issues throughout the G7. Chancellor Scholz refrained from directly calling out China while advocating for “De-risking, not decoupling,” which means not breaking ties but minimizing risks from close dependencies. The delegates aim to avoid significant risks from relying on individual or few countries in global trade, according to Scholz.
Several Demonstrations Expected
The heads of state and government from several Asian nations, including India and Indonesia, have been invited as guests to the summit. The meeting takes place on a luxurious island hotel in Hiroshima, and security measures are intense, involving 24,000 police officers from across Japan. The authorities have closed significant portions of the city to ensure security measures, and various demonstrations are taking place around the city.
