History turns full circle as G7 alarm bells ring over energy once again | Larry Elliott

First meeting in 1975 grappled with the oil shock - now it is Russia's war in Ukraine creating angst, especially for the eurozone

• G7 grapples with packed agenda of world turned upside down

It is Germany's turn to host the annual summit of G7 leaders this year and while the war in Ukraine will be top of the agenda at the gathering in Bavaria the economic damage caused by Russia's invasion will come a close second.

Nobody saw what was coming when the G7 last met in Cornwall a year ago. Back then the talk was of global post-pandemic recovery; now the fear is of imminent recession as central banks turn hawkish and Vladimir Putin plays the energy card.