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G7 Summits > 2024 Apulia Summit

An Overview of the G7 Apulia Summit and Financial Crime Prevention

Denisse Rudich, G7 Research Group London
January 9, 2025

Italy hosted the 50th G7 Apulia Summit on June 13–15, 2024. With ongoing conflict and geopolitical tensions, the summit G7 was held during what leaders described as a “crucial moment in history.” They focused on nine priorities, including Ukraine, the Middle East, Africa and the Indo-Pacific, migration, climate change and energy, economic security, food security, and artificial intelligence governance. Ukraine and the conflict in Gaza featured heavily in the Apulia G7 Leaders’ Communiqué with G7 leaders emphasising continuing support for Ukraine’s “fight for freedom,” solidarity in supporting a ceasefire in Gaza and finding a credible path to peace for a “two-state solution.” Italy invited 10 leaders including Pope Francis and King Abdullah of Jordan alongside leaders from Algeria, Argentina, Brazil, India, Kenya, Mauritania (which holds the African Union presidency), Turkey, Ukraine and the United Arab Emirates. This was among the highest number of invitees at a G7 summit and highlighted the emphasis placed on working more closely with the Global South to address global challenges. In the Communique, leaders reiterated their shared belief in “democratic principles and free societies, universal human rights, social progress, and respect for multilateralism and the rule of law.” They stated that their work is grounded in a commitment to “respect the UN Charter, safeguard international peace and security, and uphold the free and open rules-based international order” to “uphold human dignity and the rule of law in all parts of the world.” To that end, the G7 continues to set the global agenda, generate consensus, and promote coordination and collaboration among its members while working with international organizations to set the direction of work in the short term.

Below is an overview of G7 commitments related to sanctions and financial crime prevention.

Sanctions

In the area of sanctions, the G7 made numerous statements linked to regional dynamics as well as key themes that act as indicators for the coordination and issuance of future sanctions by G7 members.

Ukraine

On Ukraine, G7 leaders:

restated their commitment to “raising the costs of Russia’s war by building on the comprehensive package of sanctions and economic measures already in place”
Indicated that they would apply ongoing measures against those based in third countries, including financial institutions, that continue to “materially support Russia’s war machine”
shared that they would impose restrictive measures to limit access to their financial systems for individuals and entities in third countries, including Chinese entities, that facilitate the acquisition of goods used in the Russian defence industry
declared that they would take “robust action” against those who support sanctions circumvention efforts by:
- “imposing severe costs on all those who fail to immediately cease providing material support to Russia’s aggression and by strengthening domestic enforcement and stepping up our business engagement to promote corporate responsibility” and
- taking further steps to “deter and disrupt this behavior”
called on financial institutions to stop profiting from Russia’s war machine
suggested that they would continue to focus on energy and other commodities by taking “taking further steps to tighten compliance and enforcement” on the oil price cap including by:
- targeting Russia’s shadow fleet and alterative deceptive shipping practices through sanctions and “innovative enforcement activities leveraging respective geographies”
- sanctioning industry actors supporting Russia’s shadow fleet calling on those in industry facilitating this activity to “consider the financial liability and environmental and reputational damage risks associated with these practices”
- imposing additional sanctions on actors “engaged in deceptive practices while transporting Russian oil
- imposing sanctions on alternative service providers involved in the “networks Russia has developed to extract additional revenue from price cap violations or from oil sales”
- focusing on impeding the development of future energy projects by disrupting access to goods and services needed for those projects
indicated that they would target revenues generated by Russia from the metals industry
condemned the ongoing “threatening nuclear rhetoric” by Russia and announcement on the deployment of nuclear weapons in Belarus.

G7 leaders condemned the seizure of foreign companies by Russia, which is believed to have been carried out in retaliation to Western sanctions – over 93 companies and over $400 million of Western-owned assets were reported to have been seized between February 2022 and November 2023. A landmark initiative announced at the Apulia Summit includes the decision to make available USD 50 billion via an Extraordinary Revenue Acceleration (ERA) loan “leveraging the extraordinary revenues” of Russian sovereign assets that have been frozen through sanctions designations.

Gaza

G7 leaders condemned the Hamas terrorist attacks and called on all parties to protect civilian lives, reiterating a commitment to a two-state solution. Leaders further called on Israel to ensure that correspondent banking services between Israeli and Palestinian banks remain in place.

Yemen

G7 leaders denounced attacks carried out by the Houthis in the Red Sea and Gulf of Aden, citing that these attacks risk the peace process in Yemen, the stability of the region and freedom of movement of trade flows. G7 leaders called for the release of the crew and ship called the Galaxy Leader.

Iran

G7 leaders reiterated that Iran must never “develop or acquire a nuclear weapon,” calling on Iran to stop uranium enrichment activities and to fully cooperate with the International Atomic Energy Agency. The G7 further called on Iran to stop supporting Russia’s war efforts and any transfers of ballistic missiles and related technology indicating it would threaten European security.

The Indo-Pacific

China

G7 leaders emphasized the need for “constructive and stable relations with China,” recognizing its role in the international community. They called on China to “step up efforts to promote international peace and security” and engage constructively with G7 members on various issues including combatting illicit synthetic drug trafficking. With regards to sanctions, the G7 called on China to act responsibly in cyberspace, indicating that the G7 would continue efforts to “disrupt and deter persistent, malicious cyber activity” from China that affects the safety and privacy of citizens’, threatens innovation, and places at risk critical infrastructure. G7 leaders also indicated that they recognized the need to protect “certain advanced technologies that can be used to threaten our national security.” They also expressed concern about China’s “persistent industrial targeting and comprehensive non-market policies” and called on China to refrain from implementing export control measures on critical minerals.

The G7 emphasised the need for peace and stability on the Taiwan Strait, raised concerns about China’s militarization and coercive activities in the East and South China Seas, flagged the human rights situation in Tibet and Xianjing and the crackdown on Hong Kong’s autonomy.

North Korea

The G7 reiterated the need for North Korea to dismantle all weapons of mass destruction and ballistic missiles and condemned the on–going development of its ballistic missile programme. G7 leaders condemned the increasing military cooperation with Russia, including the export of arms. They also stated that they would focus on countering sanctions evasion and enforce North Korean-related United Nations Security Council Resolutions.

Myanmar

G7 leaders denounced the repression of people of Myanmar by the Myanmar regime and cited the need for accountability of the “serious crimes” committed in the country. Theycalled on all countries to prevent and stop the flow of arms and dual-use materials, such as jet fuel, to the junta.

Other Countries

Other regions and countries at risk of further sanctions that featured in the Apulila communiqué include Haiti (peace and stability), Libya (peace and stability), Sahel (terrorism and human rights violations), Sudan (human rights violations), Venezuela (political, humanitarian and economic crisis), Belarus (support for Russia and human rights violations).

Cybersecurity

Cybersecurity and the role of state actors were also addressed at the G7. G7 leaders stated that they continued to rely on the Ise-Shima Cyber Group to advance responsible state behaviour in cyberspace and called for the integration of cybersecurity into the development agenda. They stressed their determination in “countering strategic threats and in holding malicious cyber actors to account” and that they would “consider actions to impose costs on malicious actors” to tackle the rise in ransomware attacks by cybercriminals, which could indicate the application of coordinated sanction measures.

Disarmament and Non-Proliferation

G7 leaders included a section in the communiqué reaffirming their commitment to preventing the delivery, use and proliferation of weapons of mass destruction. They denounced “Russia’s irresponsible nuclear rhetoric and actions” and the reported use of chemical weapons, reiterating that the use of chemical, biological, radiological or nuclear weapons by Russia would lead to “severe consequences.” G7 leaders also highlighted concerns about China’s “opaque and accelerating expansion of its nuclear arsenal.” They signalled that they would continue to address progress made by North Korea and Iran in the continued advancement of their nuclear and ballistic missile programs.

Migration

Migration, which is a key profit-generating industry for criminals, was a major theme at the Apulia Summit with various key initiatives announced. G7 leaders pledged address migration as a global phenomenon by adopting the following three-pronged approach:

Focusing on the root causes of irregular migration and forced displacement – such as conflict, political instability, poverty, crime, corruption and human rights abuses by enhancing cooperation to address migration in partnership with origin, transit and destination countries.
Stepping up efforts to enhance border management and enforcement and strengthening actions to prevent, counter and dismantle transnational organized crime involved in smuggling migrants and trafficking humans. G7 leaders indicated that they would counter illegal activities that facilitate irregular migration in line with the UN Convention Against Transnational Organized Crime (UNTOC) and go after the business models of to curb profits.
Enhancing safe and regular pathways for migration.

A new G7 Coalition to Prevent and Counter the Smuggling of Migrants was unveiled to carry out this work. This initiative will focus on promoting enhanced cooperation in investigations, engaging relevant authorities in origin, transit and destination, countries, improved data exchanges for evidence-based joint enforcement actions. G7 leaders committed to adopting an anti-money laundering approach to "follow the money" to identify, investigate, and disrupt organized crime and enhancing cooperation on asset confiscation. They tasked their interior and security ministers to develop an action plan to advance the work of the G7 Coalition before their next meeting to advance their work alongside international organizations including: the UN Office on Drugs and Crime and other relevant UN bodies, the Financial Action Task Force, INTERPOL, EUROPOL, the European Union’s Global Alliance to Counter Migrant Smuggling, the G7 Roma-Lyon Group and the G7 Venice Justice Group.

Gender-Based Sexual Violence

G7 leaders pledged to eliminate sexual and gender-based violence, including that enabled by trafficking in persons and technology.

Countering Terrorism, Violent Extremism and Transnational Organized Crime

G7 leaders reaffirmed their commitments to tackling terrorism, organized crime and child sexual exploitation. They strongly condemned and pledged to counter terrorism and violent extremism in all their forms, stating their determination to protect freedom and security “while upholding the rule of law and respecting human rights.” The G7 stated that they would continue to target the financing of terrorism and terrorism propaganda, with a focus on the dissemination of terrorist content online. In the area of organized crime, G7 leaders reiterated their “strong commitment to fighting transnational organized crime, breaking its business models, and dismantling its networks,” including by focusing on drug trafficking, migrant smuggling, human trafficking, and fraud (which featured in a G7 communiqué in this context for the first time). These were cited as “major sources of income for organized crime.” The G7 reaffirmed its support for the Global Coalition to Address Synthetic Drug Threats. G7 leaders stressed their “unwavering commitment to tackling child sexual exploitation and abuse in all its forms to keep children safe online and in our communities around the world.” They called on the tech sector to prioritize child safety and work “to combat this horrific crime.”

Corruption

Corruption also featured at the Apulia Summit with G7 leaders citing the role of corruption and related illicit finance in draining public resources, fuelling organized crime, and undermining democratic governance and progress across the Sustainable Development Goals. G7 leaders endorsed the G7 High-Level Principles on Anti-Corruption and committed to promoting technical assistance and capacity building to address existing gaps. They further reaffirmed the “fundamental role” in the global fight against corruption played by the UN Convention Against Corruption. G7 leaders commit to enhancing its Implementation Review Mechanism. The G7 further highlighted the importance of denying corrupt actors access to the territories and financial systems of G7 members.

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Denisse Rudich is director of the G7 and G20 Research Groups (London). She is also founder and CEO of Rudich Advisory and a global champion of financial crime prevention initiatives, including identifying and preventing sanctions evasion in the international financial system.

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	Please send comments to: g7@utoronto.ca This page was last updated January 09, 2025.