In Germany, as in much of the world in recent months, Ukraine cast a long shadow. At the summit of the G7, which was also attended by Prime Minister Narendra Modi and the leaders of South Africa and Indonesia, among others, the message was clear: The US and its allies foresee a prolonged conflict in Ukraine and they will continue to support Volodymyr Zelenskyy (who made an in-camera appeal to the leaders at the summit via video) and the people of Ukraine in their fight against a militarily superior neighbour. For now, the differences within the G7 with regard to their reliance on Russian commodity exports, especially the dependence on Russian natural gas, have been put aside, and the grouping has vowed to “align and expand targeted sanctions to further restrict Russia’s access to key industrial inputs, services and technologies”. With the NATO summit following the G7 meet, the contours of the strategic conversation around Ukraine were laid out.
Prime Minister Narendra Modi reiterated New Delhi’s position in unequivocal terms — there must be an immediate cessation of hostilities in Ukraine, and dialogue and diplomacy are the way forward. While the resolve to sideline Russia and support Ukraine “for as long as it takes” appears to hold firm at the moment, popular support to act against Moscow may wane as the war drags on and economies continue to suffer the pain. The fact is that as the conflict has progressed, its effects have been felt far beyond Europe. Food and fuel inflation continue to be on the rise and have hit the poorest people and nations the hardest. If — as Zelenskyy reportedly said in his address to the leaders gathered in Bavaria — the conflict gains new momentum in the winter, the global community must find ways to offset the economic and humanitarian crisis that will likely ensue, in Europe and beyond.
On the economic front, the Partnership for Global Infrastructure and Investment (PGII) announced by US President Joe Biden holds promise. Under it, the G7 has committed to invest $600 billion by 2027 in a host of countries, including India, “in critical infrastructure that improves lives and delivers real gains for all of our people”. The PGII aims to act as both an alternative and foil to China’s Belt and Road Initiative, which has lately been seen as imposing an untenable debt burden on developing economies such as Sri Lanka and Pakistan. Along with the reasonable request by India for greater investment by the developing world in clean technologies to mitigate climate change, the PGII could help build a more resilient global economy.
