The G7 nations began today a three-day session in Bavaria, at the Schloss Elmau hotel. As collective insanity is the present norm, it is expected that the two favorite subjects—more heavy weapons to Ukraine and more sanctions on Russia—are central on the agenda. The U.S. is also bringing back “Build Back Better” as, supposedly, a counter to the Belt & Road projects; and London wants to rally the G7 to join in a boycott of Russian gold (see separate slugs).
President Biden is reported to have called upon Germany’s Chancellor Olaf Scholz to not allow dissension: “We have to stay together, because Putin has been counting on from the beginning that somehow NATO and the G7 would splinter. But we haven’t and we’re not going to.” Scholz took the cue and sang: “The summit must send not only the message that NATO and the G7 are more united than ever, but also that the democracies of the world stand together against Putin’s imperialism just as they do in the fight against hunger and poverty.”
Otherwise, Reuters cites an unnamed German government official, to report that the G7 leaders are holding “very constructive” talks about a potential cap on the price of Russian oil imports: “We are on a good path to reach an agreement.” U.S. Treasury Secretary Janet Yellen explained that such a cap was desirable “in order to mitigate global inflation and fuel price hikes in the West, as well as reducing Moscow’s oil revenue.” But no one has yet explained how Russia will be convinced to lower its oil price for countries whose stated intention is to wipe Russia off the map.
