G7 summit kicks off under shadow of Ukraine war and stagflation risk

US President Joe Biden, right, waves as he walks past Bavarian mountain riflemen and traditional costumers after his arrival at Franz-Josef-Strauss Airport near Munich, Germany, Saturday, June 25, 2022, ahead of the G7 summit. Biden is in Germany to attend a Group of Seven summit of leaders of the world's major industrialized nations. - AP

SCHLOSS ELMAU, Germany, June 26 (Reuters): German Chancellor Olaf Scholz welcomes leaders of the Group of Seven rich democracies on Sunday to a three-day summit in the Bavarian Alps overshadowed by the war in Ukraine and its far-reaching consequences, from energy shortages to a food crisis.

The summit takes place against a darker backdrop than last year when the British, Canadian, French, German, Italian, Japanese and U.S. leaders met for the first time since before the COVID-19 pandemic and vowed to build back better.