G7 leaders back Ukraine, plan greater pressure on Russia

Leaders of the Group of Seven (G7) nations have declared their unwavering support for Ukraine, including its territorial integrity, and committed to imposing greater sanctions on Russia. This unified stance emerged from the June 15-17 summit in Evian-les-Bains, France, signaling Ukraine's strengthened position in its pursuit of peace talks.

The summit also saw leaders welcome the preliminary peace deal between the United States and Iran, signed by President Donald Trump. They expressed readiness to contribute to its implementation and discussed efforts to diversify energy supply routes, aiming to reduce dependence on the Strait of Hormuz and bolster energy stocks.

A central theme of France's G7 presidency, critical minerals and global economic imbalances, took center stage. France is advocating for an agreement to help Western nations reduce their reliance on China for these vital resources. The move is prompted by China's past actions, such as imposing export curbs on rare earths, which highlighted the vulnerability of Western supply chains in key sectors like energy, defense, and technology.

Diplomats indicated that negotiations are underway for significant statements on critical minerals and economic sovereignty. Measures under discussion include price supports, market standards, subsidies, and guaranteed purchases, alongside efforts to scale up private investment in mineral supply chains outside China. However, any announced measures are expected to be initial steps, as Western powers race to secure offtake from mines and build processing capacity, a process that will take years to challenge China's decades-old dominance.

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We are negotiating texts that are significant on critical minerals and, as a consequence, on economic sovereignty.