On December 13, 2024, President Biden met virtually with G7 Leaders. During the meeting, the President observed that the G7 has been transformed during the past four years into a steering committee for decisive action – by helping to address the COVID crisis during its most acute phase, mounting an unprecedented economic, military, and diplomatic response to Russia's invasion of Ukraine, speaking and acting together to address China's non-market practices, accelerating the clean energy transition, and delivering tangible results for people across the developing world with a new infrastructure partnership. As a result of acting together, the President and other leaders reaffirmed that the G7 is now more unified than ever.
In the discussion, leaders reiterated their shared commitment to continue supporting Ukraine and standing up to Putin's aggression. President Biden highlighted that the United States has disbursed $20 billion to a new World Bank fund to provide economic support for Ukraine as part of the historic $50 billion G7 Extraordinary Revenue Acceleration loans commitment, which will be paid back by income earned from immobilized Russian sovereign assets. President Biden encouraged other Leaders to unlock the full value of the immobilized Russian sovereign assets, including by finding a legal pathway to seize the principal value of the assets, which would provide Ukraine the resources it needs to rebuild its economy and defend itself into the future.
Leaders discussed the situation in the Middle East, including the need for a Syrian-led and Syrian-owned political transition process and for a global effort to help the Lebanon ceasefire succeed. President Biden raised the importance of working toward securing a ceasefire in Gaza and the release of all hostages.
Leaders also discussed addressing a range of global challenges, including non-market practices, climate change, artificial intelligence, and support for developing countries.
President Biden thanked Prime Minister Meloni for her leadership of the G7 over the past year, welcomed Canada's G7 Presidency next year under Prime Minister Trudeau, and encouraged the G7 to continue its vital work.
