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G7 Summit 2023: Finance Leaders To Discuss Action Against Russia On Feb 23

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Financial leaders of the Group of Seven (G7) will meet on February 23, Japan’s Finance Minister Shunichi Suzuki said on Tuesday, to discuss an agenda to push Russia to end the war with Ukraine.

At a news conference, Suzuki said, “Support for Ukraine and sanctions against Russia will be the main topics of discussion.” He added, “We will continue to closely coordinate with G7 and the international community to enhance the effect of sanctions to achieve the ultimate goal of prompting Russia to withdraw.” 

Japan will head the meeting of finance ministers and central bank governors from the G7 nations in  the Indian city of Bengaluru. The meeting will be held a year after the Russian invasion of Ukraine,  which was described as a “special military operation”.

The G7 meeting will be held towards the end of the week after the gathering of financial leaders of G20 in Bengaluru, as the country has this year’s G20 presidency. The Ukraine war and the global economy are on the agenda of the G20 discussions. 

The war between the two countries has grown regardless of the disciplinary measures G7 and other nations have adopted against Russia.

Japan will chair the G7 ministerial meetings in 2023 ahead of this year’s May 19-21 summit of G7 leaders in Hiroshima. The G7 nations include Britain, Canada, France, Germany, Italy, Japan and the United States. 

The meeting will discuss the increased inflation due to Russia’s war, energy and food prices and aiding emerging market economies from debt problems. If the emerging market debt is not well-managed, it will lead to a financial crisis, a senior Japanese official said.

Suzuki said, “By contributing to discussions on these problems, we are hoping to produce significant results that will lead to stable and sustainable global growth.”

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