The finance ministers and central bank governors of the G7 countries have announced their intention to increase pressure on Russia if it does not agree to a ceasefire in Ukraine. This is stated in a communiqué following a three-day meeting in Canada.
This is stated in the G7 communiqué of May 22.
“We will continue to consider all options, including further strengthening of sanctions,” the document says.
The participants also confirmed that Russian central bank assets will stay frozen in their countries until Russia stops its aggression and pays for the damage it caused to Ukraine.
According to the World Bank, Ukraine will need more than $524 billion for reconstruction over the next decade. The G7 said it would help Kyiv attract investment and work to ensure that countries or companies that supported Russia’s war cannot profit from post-war reconstruction.
“We agree to work together with Ukraine to ensure that no country or organization, or organizations from countries that financed or supplied the Russian military machine, will be entitled to profit from Ukraine’s recovery,” the communiqué said.