The finance ministers of the Group of Seven once once more condemned Russia’s war in Ukraine on the eve of its first year and pledged to increase financial support to Ukraine.
G7 finance officers increased their budget to $39 billion and reaffirmed their “unwavering support for Ukraine”, calling Russia’s aggression “illegal, unjustifiable and unprovoked”in a statement issued Thursday.
The increased funding will allow Ukraine to continue to provide basic services and make critical repairs to damaged infrastructure, as well as stabilize the economy.
The G7 prepares a new tool to apply more sanctions to Russia
“We re-emphasize our shared commitment to our coordinated economic measures in response to Russia’s war of aggression,” Japan’s Finance Minister and this year’s G7 Chairman Shunichi Suzuki said from Bangalore, India.
“Our sanctions have significantly undermined Russia’s ability to wage its illegal war,” added.
The G7 meeting took place in Bangalore, where the G20 finance ministers and central bank governors will meet on Friday and Saturday. The smaller group of developed nations showed their united front behind Ukraine in anticipation that the G20 messages may be less emphatic.
Japanese Prime Minister Fumio Kishida will meet Ukrainian President Volodymyr Zelensky at a G7 summit to be held online on Friday. This week, Kishida announced that Japan would provide $5.5 billion in new aid for Ukraine while US President Joe Biden made a surprise visit to kyiv.
European Union countries press to stop Russian evaders
On Thursday, G7 finance ministers also discussed the outlook for the global economy amid rapid interest rate hikes to cool inflation. They also reaffirmed their exchange commitments.
The G7 finance ministers said that will continue to work closely with G20 members to rapidly conclude the cases of countries under the Common Framework for the Treatment of Debt, citing Ethiopia, Ghana and Zambia. The G7 also pledged to facilitate coordination among all official bilateral creditors to address the debt problems of other vulnerable countries such as Sri Lanka.
You may also like
