Russia will not be allowed back into the Group of Seven nations as requested by U.S. president Donald Trump, according to German Finance Minister Joerg Kukies in a Reuters interview.
“The G7’s condemnation of Russia’s aggressive war is unequivocal, especially on the third anniversary of Russia’s horrific assault,” Kukies stated, noting that Trump’s proposal lacks the necessary unanimous support.
Kukies is set to depart for Cape Town on Tuesday to participate in the G20 meeting of finance ministers, where U.S. Treasury Secretary Scott Bessent will be absent due to a scheduling conflict.
The health of the global economy will be a key focus in these discussions.
“We truly need to get back on the track of economic growth,” Kukies expressed, mentioning that Germany “has much work to do.”
Kukies, who was appointed finance minister by Chancellor Olaf Scholz in November after the collapse of Scholz’s governing coalition, is expected to remain in the role until a new government is established following Sunday’s election, which saw Friedrich Merz’s conservative party prevail.
See more: Trump Plans to Announce New Trade Tariffs.
Kukies indicated that a trade war between the U.S. and the EU could be averted since both parties are open to negotiations. “There is no desire to initiate a trade war,” he asserted.
The EU, comprising 27 member states, could be significantly affected by Trump’s proposal to impose reciprocal tariffs that would increase U.S. import tariff rates to align with those charged by other nations.
Kukies noted that the EU’s surplus in goods exported to the U.S. is nearly balanced out by a U.S. surplus in services shipped to Europe.
“If you combine both trade imbalances, they net out to a relatively small figure,” he explained.
Kukies mentioned that the G7 could consider longstanding proposals to utilize $300 billion of Russian sovereign assets that have been frozen in Europe to aid in the reconstruction of Ukraine, “but conversations are just beginning. It’s likely too soon to say.”
According to sources who spoke to Reuters, Moscow might agree in a future peace accord to allocate the frozen assets for rebuilding efforts, contingent upon a portion of the funds being used in regions of Ukraine currently under Russian control.
