G7 Ministers Pledge $24B for Ukraine

G7 finance ministers pledged $24 billion for Ukraine, in addition to its more than $60 billion economic support to the country from 2014 to 2021.

The G7 Finance Ministers and Central Bank Governors said they have united to restore peace and stability, and to uphold the international law as they discussed Russia´s aggression against Ukraine on Wednesday.

The ministers expressed their support for Ukraine, saying they would be willing “to do more.”

G7 ministers condemned Russia’s aggression and said they will fully implement and enforce the economic and financial measures against Russia. They also expressed their strong stance against conducting government-to-government financial transactions with Russia.

“We will sustain and increase our coordinated pressure for as long as necessary and continue to urge other countries to support our efforts,” G7 ministers said.

According to the finance ministers, all G7 economies have acted on reducing imports of Russian energy supplies. 

In the statement, the ministers acknowledged that Russia’s aggression impacted the global economy, resulting to high prices of commodities and worsening financial vulnerabilities. The ministers said they will continue to coordinate closely to secure the energy supply.

G7 minister thanked the International Monetary Fund and the World Bank for their support for Ukraine. The ministers also appealed to all countries and international organizations to help in supporting and rebuilding Ukraine.

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