(Bloomberg) -- Group of Seven leaders will again focus on Ukraine when they begin a second day of talks in the Bavarian Alps on Monday, with President Volodymyr Zelenskiy due to join the summit by video link from Kyiv.

Leaders will commit at the three-day meeting at Schloss Elmau to provide support “for as long as it takes” to Zelenskiy and his government for their defense against Russia’s invasion, according to the text of a draft statement seen by Bloomberg. US President Joe Biden is set to announce the purchase of an advanced surface-to-air missile system for Ukraine.

Later in the day, they’ll address topics including food security, with the world facing a threat of widespread famine due to stocks stranded in Ukraine, one of the world’s biggest grain exporters. Leaders from India, Indonesia, Argentina, South Africa and Senegal will join the discussions.

Key Developments

  • Russia Defaults on Foreign Debt for First Time Since 1918
  • G-7 Weighs Russia Oil-Price Cap Via Insurance, Shipping Ban
  • EU Confronts Risks of Low Gas Storage in Test of Unity on Russia
  • G-7 Commits to Supporting Ukraine’s Defense Indefinitely: Draft
  • US Resuscitates Bid at G-7 to Counter China’s Belt and Road

(All times CET)

US Providing Anti-air Defense System to Ukraine (9:10 a.m.)

The impending US announcement of the purchase of NASAMS, an advanced medium to long range surface-to-air missile defense system, comes as Biden and G-7 allies prepare to meet virtually with Zelenskiy. Ukraine is suffering from missile attacks and can only strike down a fraction of incoming missiles. The problem remains how quickly Kyiv can get them, how many will come and how long will it take to train people to use them.

Sanctions Hurting Russia, Scholz Says (8:30 a.m.)

German Chancellor and summit host Olaf Scholz said international sanctions on Russia will continue to hurt its economy, pushing back against criticism that not enough is being done to choke off revenue from energy exports that continues to flow into Moscow’s coffers.

The sanctions “have contributed to the fact that Russia’s economy has been, and will continue to be, significantly weakened, because a country more or less cut off from technological progress will soon fall behind significantly economically,” Scholz said in an interview with public broadcaster ZDF.

Scholz said G-7 leaders are discussing a ban on imports of Russian gold, but it was not the forum for a definitive decision and the issue would also have to be addressed by the 27-nation European Union.

Putin Must be Challenged at G-20: Von der Leyen (8 a.m.)

European Commission President Ursula von der Leyen said it would be better to confront Russian President Vladimir Putin at November’s G-20 summit if he attends rather than boycott the meeting in Bali.

“It’s important to tell him to his face what we think of him and what we think of this type of action,” von der Leyen said late Sunday in an interview with ZDF.

“Other autocrats around the world are looking very closely at whether it is still possible to move borders and invade countries with brute force, military might, or whether democracies will stand up and use their own strength,” she added.

UK to Help Trace Stolen Ukraine Grain (8 a.m.)

The UK will contribute 1.5 million pounds ($1.8 million) to develop a testing process to identify if grain sold by Russia on the world market has been illegally taken from Ukraine. The aim is to “tackle the scourge of stolen grain, deterring Russian activity and ensuring Ukraine is getting the revenue it so desperately needs from any grain it grows,” Prime Minister Boris Johnson’s office said.

The UK is also contributing up to £10 million in materials and equipment to repair rail infrastructure and help get grain out of the country by rail.

©2022 Bloomberg L.P.