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G7 Discusses Ways to Counter Russia and China; Russia Defaults on Foreign Debt

HeadlineJun 27, 2022

President Biden and other world leaders are in Germany for a meeting of the G7 to discuss ways to counter both Russia and China. The G7 leaders are working on a plan to ban the import of Russian gold, while also looking at ways to limit the price of oil sold by Russia. This comes as Russia defaulted on its foreign debt Sunday for the first time since 1918. At the G7 summit, leaders also announced a plan to raise $600 billion to help finance overseas infrastructure projects in an attempt to counter China’s Belt and Road project.

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