G7 summit success shows West can still lead
This is significant, given the paralysis of the G20 right now over differences with Russia, China and their allies
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THE G7, widely written off as an anachronism in the 2020s, was created in the instability of the 1970s to monitor developments in the world economy. Yet at the Italy-hosted leadership summit which finished at the weekend (Jun 15), Western leaders delivered a series of big geopolitical wins that shows the body can still deliver.
At the top of the agenda was Ukraine where the most eye-catching announcement was a US$50 billion G7 loan to Ukraine. This uses profits from US$300 billion in frozen Russian assets in the West to boost funding for Kyiv, a move that Moscow has condemned.
A number of other security deals were made with Kyiv, the standout of which is a 10-year bilateral agreement with the United States – seen in the West as a potential transition point for Ukraine on the road to joining Nato. This includes commitments for prolonged aid encompassing areas such as military training, the sharing of intelligence, and economic assistance.
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