Berliner Boersenzeitung - As Ukraine fallout worsens, G7 seeks to woo fence-sitters

EUR -
AED 4.285655
AFN 80.585333
ALL 97.883599
AMD 448.395822
ANG 2.088209
AOA 1069.949538
ARS 1492.309671
AUD 1.778658
AWG 2.100812
AZN 1.986499
BAM 1.954474
BBD 2.357501
BDT 141.863764
BGN 1.952991
BHD 0.439913
BIF 3478.939996
BMD 1.166793
BND 1.495885
BOB 8.068527
BRL 6.52366
BSD 1.167608
BTN 100.172046
BWP 15.700349
BYN 3.821108
BYR 22869.15228
BZD 2.345309
CAD 1.597474
CDF 3367.365762
CHF 0.929847
CLF 0.029415
CLP 1128.790728
CNY 8.3627
CNH 8.374369
COP 4670.254269
CRC 588.900508
CUC 1.166793
CUP 30.920027
CVE 110.19025
CZK 24.672668
DJF 207.917174
DKK 7.463698
DOP 70.442214
DZD 151.638844
EGP 57.638898
ERN 17.501902
ETB 162.21216
FJD 2.62091
FKP 0.868514
GBP 0.86796
GEL 3.161763
GGP 0.868514
GHS 12.142763
GIP 0.868514
GMD 83.421787
GNF 10129.128715
GTQ 8.960921
GYD 244.182262
HKD 9.159276
HNL 30.54328
HRK 7.532934
HTG 153.306002
HUF 400.448222
IDR 18972.528762
ILS 3.90405
IMP 0.868514
INR 100.178963
IQD 1529.562393
IRR 49136.594396
ISK 142.395278
JEP 0.868514
JMD 186.593421
JOD 0.82729
JPY 172.597343
KES 150.854151
KGS 102.032122
KHR 4678.82603
KMF 492.678459
KPW 1050.141688
KRW 1610.962627
KWD 0.356514
KYD 0.97304
KZT 614.083425
LAK 25170.924829
LBP 104616.531405
LKR 351.531532
LRD 234.101193
LSL 20.780903
LTL 3.445238
LVL 0.705782
LYD 6.327707
MAD 10.52576
MDL 19.732614
MGA 5176.488432
MKD 61.518268
MMK 2449.896017
MNT 4182.776485
MOP 9.440896
MRU 46.399524
MUR 53.019357
MVR 17.967751
MWK 2024.626556
MXN 21.81834
MYR 4.949561
MZN 74.627934
NAD 20.780903
NGN 1787.597414
NIO 42.97085
NOK 11.871943
NPR 160.275274
NZD 1.947653
OMR 0.448641
PAB 1.167608
PEN 4.163376
PGK 4.829724
PHP 66.150769
PKR 332.29768
PLN 4.254777
PYG 9040.866958
QAR 4.256612
RON 5.078933
RSD 117.154252
RUB 91.157685
RWF 1687.155486
SAR 4.376312
SBD 9.707208
SCR 17.128014
SDG 700.659329
SEK 11.270406
SGD 1.495852
SHP 0.916916
SLE 26.245485
SLL 24467.080561
SOS 667.24736
SRD 43.411134
STD 24150.269365
SVC 10.21607
SYP 15170.474095
SZL 20.773908
THB 37.880537
TJS 11.162228
TMT 4.095445
TND 3.42008
TOP 2.732744
TRY 46.922483
TTD 7.926623
TWD 34.217435
TZS 3048.250908
UAH 48.826378
UGX 4185.160917
USD 1.166793
UYU 47.587718
UZS 14827.941187
VES 133.228891
VND 30497.064679
VUV 139.435505
WST 3.201935
XAF 655.512321
XAG 0.030477
XAU 0.000348
XCD 3.153318
XDR 0.815537
XOF 655.512321
XPF 119.331742
YER 281.605346
ZAR 20.7768
ZMK 10502.539484
ZMW 26.649922
ZWL 375.707026
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

As Ukraine fallout worsens, G7 seeks to woo fence-sitters
As Ukraine fallout worsens, G7 seeks to woo fence-sitters / Photo: LUKAS BARTH - POOL/AFP

As Ukraine fallout worsens, G7 seeks to woo fence-sitters

The five emerging powers -- Argentina, India, Indonesia, Senegal and South Africa -- have become the object of the G7 industrialised powers' charm offensive, as the club of rich nations seeks to build a broader support base in their backing for Kyiv.

Text size:

But three of them failed to condemn Russia for its invasion of Ukraine.

Two others did but are, like others, not spared from the consequences of the fallout from the increasingly drawn-out conflict.

India, Senegal and South Africa failed to condemn Russia over its assault of Ukraine, while Argentina and Indonesia did.

German Chancellor Olaf Scholz, who is hosting the G7 summit of advanced economies in the Bavarian Alps, said the invitation to the five emerging powers signalled that the community of democracies is not limited to the West or to countries in the northern hemisphere.

"The democracies of the future are to be found in Asia and Africa," the German leader said.

On the eve of the guest nations joining the summit, the G7 rolled out a $600 billion global infrastructure programme for the developing world.

The summit later put out a joint statement with the guest countries pledging their commitment to the rules-based international order.

But the statement steered clear of the war in Ukraine.

Belying the invitation and the altruistic programme are fears that a blowback over the West's support for Ukraine is building around the globe.

And Western allies are anxiously battling to correct the rhetoric fanned by Moscow that it is the sanctions against Russia rather than Vladimir Putin's invasion of Ukraine that are causing the multitude of crises rocking the world.

German Foreign Minister Annalena Baerbock stressed at a recent international food security conference that "Russia is responsible for this dramatic crisis, not international sanctions".

"We know about indirect negative sanctions effects and we acknowledge them. However, they are much smaller than the brutal actions of Russia, which uses hunger as a weapon," she said.

- Sceptical -

Thorsten Brenner, director of the Global Public Policy Institute, noted that "a crucial task" facing the G7 "is convincing many non-Western countries who are sceptical of sanctions that the West is mindful of their concern about rising energy prices when designing sanctions".

The emerging powers will meanwhile seek to underline the hunger crisis threatening their countries as Russia's blockade of Ukrainian grain exports sends wheat prices soaring.

But other essentials like sunflower oil and fertilisers essential for planting were also becoming scarcer as both Ukraine and Russia are large producers.

And a scramble for energy by Western powers seeking to wean themselves off Russian energy has further pushed up power prices -- once again hurting the poorest hardest.

Statements by Senegal President Macky Sall following his recent visit to Moscow for talks with Putin over the food crisis had alarmed Western officials.

Sall had said he was "reassured" by Putin and had instead called on Ukraine to demine waters around its Odessa port to allow grain exports out.

At the same time, Western allies are also seeking to ensure that the developing giants refrain from taking action that could worsen the crisis.

India's decision to halt wheat exports and Indonesia's move to stop palm oil exports have sparked shockwaves in the commodities markets.

Argentina has also lowered its quota of wheat exports.

South Africa is meanwhile ailing from soaring oil prices.

- 'Don't torpedo' -

Putin too was jostling to broaden his backing, and has sought to hammer home his message that Western sanctions were to blame during a summit of Brazil, China, India and South Africa.

He has called the countries to cooperate in the face of "selfish actions" from the West.

Amid fears of a growing gulf between the West and the rest, European leaders were tempering their tone.

While calls had been made earlier for G20 host nation Indonesia to exclude Putin from this November's summit, European leaders now appear to have distanced themselves from the stance.

A Kremlin advisor said Monday that Putin plans to attend the summit, having received the official invitation. Jakarta has also invited Ukraine's President Volodymyr Zelensky.

Scholz said the group of major developed and developing economies will continue to play a "big role" and cooperation was key.

Germany would hence "not torpedo" the G20's work, Scholz told ZDF public television.

EU chief Ursula von der Leyen said on Sunday that she did not rule out sitting at the same table with Putin at the G20.

"It is also important to tell him to his face what we think of him," she said.

"And we must carefully consider whether we want to paralyse the whole G20," she said, warning that the bloc which makes up 80 percent of total world economic output is "too important a platform" to undermine.

(Y.Berger--BBZ)