The G7 ambassadors have lauded Ukrainian President Volodymyr Zelenskyy for his support of NABU and SAPO’s independent investigation into a corruption scandal within the energy sector. This probe, dubbed “Midas,” focuses on alleged corruption at Energoatom, Ukraine’s state-owned nuclear energy company, and involves a businessman and co-owner of Kvartal 95. The ambassadors expressed hope for continued leadership from Zelenskyy in anti-corruption reforms, which are seen as crucial for Ukraine’s Euro-Atlantic integration. The European Commission has also acknowledged the investigation as proof of Ukraine’s anti-corruption bodies’ effectiveness.
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The US is facing scrutiny from G7 foreign ministers regarding recent military strikes in the Caribbean, targeting vessels suspected of carrying drugs. French Foreign Minister Jean-Noël Barrot criticized the operations, citing potential instability in the region where France has overseas territories and concerns of unlawfulness, marking a rare rebuke of US actions. These strikes, which have resulted in at least 75 reported deaths, have led to questions about legal justification, with the US arguing self-defense while international experts raise concerns of war crimes. The G7 meeting, chaired by Canada, also focused on support for Ukraine and addressed the conflict in Sudan, but the Caribbean strikes were a central talking point.
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The U.K. is investigating methods to leverage frozen Russian assets to aid Ukraine’s war effort, as announced by Chancellor Rachel Reeves. The G7 countries initially froze around $300 billion in Russian central bank assets in 2022. The U.K. is exploring reparation loans, allowing Ukraine to receive funds now with repayment contingent on Russian war reparations. This approach aligns with international law and fiscal responsibility, with the goal of financially supporting Ukraine’s security.
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During a G7 meeting, the United States proposed imposing increased tariffs on China and India due to their continued purchases of Russian oil. Japan’s Finance Minister Katsunobu Kato expressed that Japan would not support this action due to its commitment to WTO guidelines. Japan imports a small amount of oil from Russia and considers the Sakhalin-2 project a key LNG supplier, which is not subject to sanctions. G7 representatives are currently formulating a new sanctions package, aiming to finalize it within the next two weeks.
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The European Union has delayed the unveiling of its 19th sanctions package against Russia due to pressure from the United States. The US is advocating for stricter restrictions, including 100% tariffs on Russian oil purchased by China and India. The G7 is currently developing a new sanctions package with the goal of finalizing it within the next two weeks. The US proposal puts additional pressure on the EU, particularly as some member states depend on these export markets.
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The EU has received a third tranche of 1.6 billion euros from windfall profits generated by frozen Russian central bank assets. Of this, 95%—over 1.5 billion euros—will be allocated to support Ukraine through the Ukraine Loan Cooperation Mechanism, helping repay the EU’s macro-financial assistance loan. This is part of the Group of Seven’s (G7) Extraordinary Revenue Acceleration (ERA) initiative, which aims to use profits from frozen Russian assets to provide Ukraine with $50 billion in loans. The EU’s contribution to the ERA initiative is significant, totaling 18.1 billion euros, with the United States contributing a comparable amount.
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Canada has provided approximately US$1.7 billion to Ukraine, sourced from revenues generated by frozen Russian assets, as part of the G7’s Extraordinary Revenue Acceleration (ERA) initiative. This contribution brings Ukraine’s total funding from the immobilization of Russian assets to around US$17.6 billion since the start of the year. Ukrainian Prime Minister Denys Shmyhal expressed gratitude for the Canadian support and emphasized the need for full confiscation of frozen Russian assets to aid in Ukraine’s recovery and provide compensation for victims. The UK has also utilized these assets for military aid packages, with Ukrainian officials advocating for their continued use in procuring weapons.
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The G-7 nations have agreed to exempt US multinational companies from the global minimum tax, a move that aligns with the interests of President Trump’s government. This “side-by-side” solution allows US companies to be taxed only at home, on both domestic and foreign profits. The agreement was facilitated by proposed changes to the US international tax system, as part of Trump’s domestic policy bill. Ultimately, the OECD will determine the final exemption.
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Canada’s decision to release a G6 statement on Ukraine, excluding the US, after encountering resistance from the American delegation, highlights a significant rift within the G7. The situation underscores a growing divergence in approaches to the conflict in Ukraine, with Canada and its allies taking a much firmer stance than the United States under its current leadership.
The core issue appears to be a fundamental disagreement regarding the appropriate level of support for Ukraine. Canada and the other G6 nations felt that the US proposed significant watering down of a draft statement, compromising the message of unwavering support for Ukraine. This dilution of the statement was perceived as unfair to Ukraine, whose president was present at the summit, and an insufficient response to the ongoing aggression.… Continue reading
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Matt Underwood