G7 Summit

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Leaders from seven of the world’s wealthiest countries are meeting at this year’s G7 Summit in Germany’s Bavarian Alps to discuss the globe’s most pressing issues. On the agenda at the June 26-28 event are Russia’s invasion of Ukraine, the global economic crises exacerbated by the war, vaccine equity, and the climate emergency.

The G7 also reiterated ahead of the summit the need to work towards achieving the World Health Organization’s goal of vaccinating 70% of the world’s population against the coronavirus by mid-2022

The G7, as it is now known, was first formed in the wake of the 1973 oil crisis, which had led to a deep recession and rising inflation. France, Italy, Japan, the U.K., the U.S., and West Germany formed the initial Group of Six in 1975 to discuss the ensuing economic concerns. Canada joined the group in 1976.

The G7 nations agreed last month to provide an addition $19.8 billion in economic aid to Ukraine. They have imposed sanctions on Russia, which target some of the country’s biggest banks, major Russian state-owned enterprises, and elites and their family members. They have also committed to working towards phasing out or banning Russian oil.

More recently, the U.S. announced last week that it would send an additional $1 billion in military aid. It has already committed $4.6 billion in security assistance since Russia’s invasion on Feb. 24. France promised last week that it would send Ukraine six more truck-mounted artillery guns. Germany’s defense minister signaled three multiple rocket launchers would be available for Ukraine’s use in July or August. Canada announced June 15 that it would be providing at least $9 million worth of additional military aid; since the war broke out; Canada has promised $274 million in military assistance to Ukraine.

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