G 7 | IAS GYAN

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The Finance ministers from the G-7 countries committed to designing a system to check Russia’s income from oil sales.
The main objective is;
- To reduce Russia’s revenues and its ability to fund its war in Ukraine.
- Limiting the impact of the war on global energy prices.

Group of Seven (G7)

G-7 is an inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
- The European Union is a 'non-enumerated member.
G-7 members are;
- The advanced economies and liberal democracies.
- They shared values of pluralism and representative government
G7 represents 58% of the global net wealth ($317 trillion), more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity.
As of 2022, G-7 countries make up 10% of the world’s population, 31% of global GDP, and 21% of global carbon dioxide emissions.
Most G-7 countries had a high level of gross debt, especially Japan (263% of GDP), Italy (151%) and the US (133%).
The heads of government of the member states, as well as the representatives of the European Union, meet at the annual G7 Summit.
Germany holds the presidency of the G7 in 2022.
- Japan will be president in 2023.

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