The G-7 should act as an 'economic NATO' for collective defense against attacks in global markets, UK foreign minister says
G7should serve as an "economic NATO," the UK's foreign secretary said in a speech Wednesday night.
- "If the economy of a partner is being targeted by an aggressive regime, we should act to support them," Liz Truss said.
The G-7 should act as an "economic NATO" to protect against attacks in global
She said countries must be ready to push back against "aggressors" trying to coerce others using economic power. Truss also warned that Russian efforts in
"Access to the global economy must depend on playing by the rules. There can be no more free passes," she said. "We are showing this with the Russia-Ukraine conflict –
That echoed NATO's collective defense provision that requires signatories to treat an attack on one member as an attack on all members.
The call to arms from the UK comes as Western powers have used a range of economic
Analysts have estimated that Russia's economy could shrink by 10% this year amid the crippling sanctions. But Putin has downplayed their effect, saying that efforts to stall the Russian economy have "failed."
Meanwhile, Truss warned the Ukraine war is far from over and that global powers should be ready for a potential long-haul scenario. Rhetoric from Moscow shows no sign of backing down.
Putin threatened the use of nuclear weapons again on Wednesday, telling government officials that any intervention from outside countries will face a "lightening fast" response. He has also threatened to target NATO countries if Ukraine continues to receive weapons and other supplies from them.
- A 'hole' 30 times Earth's size has spread across the sun, blasting solar winds that'll hit our planet by end of this week
- A former Twitter engineer said they watched colleagues 'drop like flies' from a virtual meeting during Elon Musk's mass layoffs
- I'm a software engineer who struggled with procrastination until I tried 'monk mode' — here's how it saves me up to 3 hours a day
- Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG & indexation benefits
- AC manufacturers expect strong growth this summer led by unseasonal weather
- World Bank President nominee Ajay Banga tests covid positive on arrival in Delhi
- Ashneer Grover's new startup CrickPe is a fantasy sports app that will also reward cricketers
- Finance Bill passed in Lok Sabha amid opposition protest