The Latest Breaking News from G7

G7 leaders confront political challenges and uncertainties at annual summit in Italy, focusing on critical global issues.

Washington’s latest sanctions announcement comes as US President Joe Biden attends the G7 summit in Italy.

Additional aid to Ukraine, the war in Gaza and investment in Africa will dominate the agenda of the three-day forum.

G7 leaders gather Thursday for the first day of an Italy summit, seeking to seal a deal on using frozen Russian assets to help war-torn Ukraine.

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Group of Seven leaders have agreed to provide Ukraine with $50 billion via the use of frozen Russian assets by the end of the year, the French presidency said on Wednesday.

The “Summit on Peace in Ukraine”, hosted by Switzerland this weekend, is not a peace conference in the usual sense. Russia, which has dismissed it as irrelevant, won’t participate. And any summit aimed at ending the war can’t produce a final settlement without Russia’s involvement.

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The agreement does not include a specific monetary pledge. Instead, it outlines a plan for the Biden administration to work with Congress on long-term funding for Ukraine's defense.