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Russia sanctions, Ukraine support to be G7 priority, says Japan diplomat

A sharp rise in U.S. interest rates has weighed on the dollar-denominated debt of emerging market economies, already weakened by the pandemic, and now reeling from the high price of food and energy imports as a result to the Ukraine war.

January 26, 2023 / 12:08 PM IST
Representative image. (Source: Reuters)

Representative image. (Source: Reuters)

Japan, this year's chair of the Group of Seven (G7), expects Russia's invasion of Ukraine to dominate talks among the world's major advanced economies, its top finance diplomat, Masato Kanda, told Reuters.

"Sanctions against Russia and support for Ukraine will be a top priority at G7 financial leaders' meetings under Japan's chair," said Kanda, who will oversee G7 deputy-level talks on economic policy this year.

Among other issues at the top of the G7 agenda would be global debt problems, Kanda said in an interview. A sharp rise in U.S. interest rates has weighed on the dollar-denominated debt of emerging market economies, already weakened by the pandemic, and now reeling from the high price of food and energy imports as a result to the Ukraine war.

Kanda said Japan was working hard to help Sri Lanka, which is suffering its deepest economic crisis in 70 years, by coordinating with the Paris Club of creditor nations and the International Monetary Fund to ensure the participation of China and India in efforts to restructure the island nation's debt.