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In their joint statement, the G7 demand that Russia comply with the International Court of Justice’s order by immediately ending its military aggression against Ukraine. With Ukrainian Finance Minister Sergii Marchenko also in attendance at the meeting, they expressed their unwavering support for and solidarity with the Ukrainian people and government, stating: “We continue to stand with Ukraine”.
This solidarity on the part of the international community includes extensive economic support. In the years from 2014 to 2021, funding of over $60bn was provided to Ukraine. Additional assistance of over $24bn has been provided and pledged for 2022 and subsequent years. The G7 stated that they are prepared to do more.
In close coordination with their international partners, the G7 countries have imposed heavy sanctions on Russia. These must now be fully implemented and enforced. The G7 will continue to closely monitor the effects of the sanctions. Furthermore, all G7 economies have taken concrete steps to reduce imports of Russian energy supplies. The war has reinforced their determination to accelerate the transformation towards climate-neutral economies.
Russia’s invasion of Ukraine has led to substantial increases in commodity and food prices, which are in turn causing major disruptions to the global economy. The economic costs of Russia’s military aggression will be felt disproportionately by vulnerable groups across all economies and particularly by the most vulnerable countries, given already elevated debt levels following the pandemic. For this reason, the G7 countries will undertake significant joint efforts with their partners to counteract the effects of food insecurity.
In their talks, the finance ministers and central bank governors also discussed ways to further strengthen the international health architecture in order to improve the world’s resilience against future pandemics.