19 May 2023 , 21:30
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World leaders will today agree to a new body to stop countries like Russia and China holding them to ransom.
It comes after Vladimir Putin "weaponised" gas supplies after the invasion of Ukraine - causing energy prices to spiral for millions.
No10 said leaders gathered at the G7 summit are expected to create a new forum used to discuss joint responses to aggressive actions such as boycotts and cyber attacks.
The 'Coordination Platform on Economic Coercion' will also provide members with early warnings of possible crises and expose weaknesses.
Rishi Sunak said: "We should be clear-eyed about the growing challenge we face. China is engaged in a concerted and strategic economic contest.
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"And when Russia weaponised Europe's energy supplies, it was a sign of what can happen when we rely too much on states who don't share our values.
Vladimir Putin "weaponised" gas supplies after the invasion of Ukraine, causing energy prices to spiral (Press service of the governor of)“Our collective economic security matters now more than ever. By working together and avoiding competition between friends, we can lift our prosperity, innovate faster and out-compete autocratic states.”
The G7 is made up of seven nations and the EU. The member countries are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
The annual gathering is being hosted by Japanese PM Fumio Kishida in Hiroshima.
Volodymyr Zelensky is expected to join the summit in person on Sunday as Mr Sunak and allies seek to turn up the pressure on Russia.
The Ukrainian president will attend as the Prime Minister warned Vladimir Putin "we're not going away".
It will potentially bring Mr Zelensky into contact with India's Narendra Modi and Brazil's Luiz Inacio Lula da Silva, who have not opposed the invasion like their western allies.
Mr Zelensky has met many western politicians recently, including Mr Sunak in Chequers on Monday.
But it would be an opportunity for him to build stronger links with the Indian prime minister, who has remained neutral, and the Brazilian president, who the US has accused of "parroting" Russia propaganda.
Attending G7 - the group that Russia was expelled from over its 2014 annexation of Crimea - would also be a new display of solidarity.
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