G7 Summit Opens with Deal to Seize Russian Assets for Ukraine, EU’s Traditional Powers Recalibrate

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(Hiroshima, Japan) – The G7 summit in Hiroshima, Japan, opened on Friday with a landmark agreement to use frozen Russian assets to help rebuild Ukraine, a move signifying a recalibration of the international order in the wake of Russia’s invasion. The summit, which also included the leaders of Australia, India, and South Korea, focused on strengthening alliances, countering Russian aggression, and bolstering the global economy.

The agreement on Russian assets, a key demand of Ukrainian President Volodymyr Zelenskyy, marks a significant shift in international law. While details remain unclear, the plan aims to use assets frozen by Western sanctions to fund Ukraine’s post-war reconstruction and provide financial aid. This move is likely to face legal challenges and raises questions about potential precedent for future conflicts.

The summit also witnessed a subtle recalibration of power within the EU, with Germany and France taking a more active role in shaping the international response to the war. This shift is driven by the growing recognition that the post-Cold War European order has been fundamentally altered, and the need for greater collaboration to address the challenges posed by Russia.

Other key issues on the summit agenda include:

China’s growing influence: Leaders discussed concerns about China’s growing economic and military power, particularly in the context of its increasingly assertive policies in the Indo-Pacific region.
Global food security: The war in Ukraine has disrupted global food supply chains, driving up prices and increasing the risk of hunger in developing countries. The G7 pledged to address this crisis through increased aid and investment in agricultural production.
Climate change: Leaders reaffirmed their commitment to reducing greenhouse gas emissions and achieving net-zero carbon emissions by 2050.

The Hiroshima summit has highlighted the changing geopolitical landscape and the urgent need for global cooperation to address complex challenges. The agreement on Russian assets signifies a willingness to break new ground in responding to aggression, while the EU’s internal realignment signals a new era of collaboration in shaping the international order.