Russia And Middle East In Focus At G7 Foreign Ministers' Meeting 1/2

Russia and the Middle East will be in focus today as G7 foreign ministers meet in Capri, Italy. Finance ministers will meet in Stresa, May 23-25, and the Leaders’ Summit will take place in Apulia, June 13-15.

• Shortly, the day’s agenda will kick off with a general session on the situation in Middle East and a focused session on the, “Situation in the Red Sea.”
• MidEast discussion is likely to focus on coordinated sanctions on Iran in response to their attack on Israel. Sanctions are likely to target Iranian military capabilities but expected to fall short of any meaningful action against the Iran's crude oil transactions with China, seen as too destabilizing to markets.
• In the afternoon, ministers will meet for a session on, “Russia’s War of Aggression Against Ukraine,” with meetings with NATO Secretary General Jens Stoltenberg and Ukrainian President Volodymyr Zelensklyy.
• US Secretary of State Antony Blinken comes to Italy bolstered by movement on a new foreign aid supplemental package – nine months since Biden first requested new aid. A final vote on the USD$95 billion package - which includes ~USD$60 billion for Ukraine - is expected on Saturday.
• Passage is not assured due to opposition from a bloc of House conservatives, but it has the backing of all four Congressional leaders and President Biden who said in a statement yesterday: “I strongly support this package to get critical support to Israel and Ukraine… The House must pass the package... I will sign this into law immediately..."