G7 to counter Russia’s brushing aside of their sanctions
G7 nations made a plea to other countries to join measures against Russia and efforts to bolster their enforcement
G7 countries intend to counter Russia success in brushing aside sanctions imposed over the situation around Ukraine, as well as to support Ukraine as long as it is necessary, according to a joint statement adopted on Saturday following the meeting of member states’ finance ministers and central bank governors in the Japanese city of Niigata.
“We remain committed to countering any attempts to evade and undermine our sanction measures. <…> Going forward, we will continue to strengthen coordination in monitoring cross-border transactions between Russia and other countries, take further action directed at the Russian financial sector as necessary, and closely monitor the effectiveness of the price caps on Russian crude oil and petroleum products to ensure the measure delivers on its objectives, and take any necessary and appropriate enforcement actions required,” the statement reads.
“We reiterate our unwavering support for Ukraine for as long as it takes,” according to the statement.
G7 nations made a plea on other countries to join measures against Russia and efforts to bolster their enforcement, adding that they will also ensure Russia’s sovereign assets in their jurisdictions remain immobilized until the Ukrainian conflict is resolved.
Japan chairs G7 in 2023. By now the Japanese side has held a number of G7 ministerial meetings, including those attended by heads of foreign ministries as well as digitalization and technology ministers.
G 7 countries’ commitment of budget and economic support for Ukraine for 2023 and early 2024 amounts to $44 bln, according to a joint statement adopted on Saturday following the meeting of member states’ finance ministers and central bank governors in the Japanese city of Niigata.
“We, together with the international community, have increased our commitment of budget and economic support for Ukraine for 2023 and early 2024 to 44 billion US dollars, which enabled the approval of an International Monetary Fund (IMF) program for Ukraine amounting to 15.6 billion US dollars over 4 years,” the statement reads.
“These supports give Ukraine certainty and enable its authorities to safeguard the functioning of government, continue the delivery of basic services, carry out the most critical repairs of damaged infrastructure and stabilize the economy,” G7 finance ministers and central bank governors noted.
