Biden To Discuss Energy Security At First I2U2 Leaders Summit

US President Joe Biden is hosting the first leaders' meeting of the I2U2 in Jerusalem, Israel. Indian Prime Minister Narendra Modi (virtually), US President Joe Biden, Israeli PM Yair Lapid, and UAE president Sheikh Mohamed bin Zayed Al Nahyan (virtually) are in attendance.

• Livestream here: https://www.youtube.com/watch?v=6ZNT__W-oW8&featur...
• According to US officials, the summit will focus on the war in Ukraine, the Iran nuclear deal, and food and energy security.
• The summit is also considered a key to the ongoing normalisation of relations between Israel and Arab neighbours. A joint statement reads: "We reaffirm our support for the Abraham Accords and other peace and normalization arrangements with Israel."
• The meeting will be the fourth (two virtual) between Biden and Modi in as many months following leaders' summits of the QUAD in Tokyo, and at the G7 in Germany where Modi attended as a ‘special invitee,’ as the US continues to aggressive court India as an elusive, but potentially critical partner, in the coalition opposed to Russia.
• On Monday, NSA Jake Sullivan described India as "one of the largest, most significant, most strategically consequential countries in the Indo-Pacific, and so it should play a central role in our strategy, including through the Quad.”
• Biden may use the opportunity to press Modi on participating in a US-led price cap on Russia oil but is unlikely to have much success.
• Yesterday, US Energy Secretary Jennifer Granholm tried to push India towards the price cap at a QUAD ministerial in Sydney, Australia but no breakthrough was announced.
• Granholm: “We want to put on the table the option of joining a buyers’ group that will have greater market power to be able to lower the price, and therefore lower the price of Russian oil and lower the profits to Putin.”
• Treasury Secretary Janet Yellen will shortly attempt the same at a G-20 finance ministerial in Bali, Indonesia July 15-16. She issued a statement today: "A price cap on Russian oil is one of our most powerful tools to address the pain that Americans, and families across the world, are feeling... A limit on the price of Russian oil would deny Putin revenue his war machine needs..."
• Bloomberg: "Critics have said the price-cap plan is too complex to work in practice, and also raised questions over whether countries like China and India, who are among the largest buyers of Russian oil, would cooperate."