G7 countries reaffirm commitment to Ukraine and readiness to impose new sanctions against Russia

Kyodo reports this with reference to the statement of the meeting participants, Ukrinform reports.

The heads of the financial blocs of the G7 governments welcomed the approval by the International Monetary Fund of a $15.6 billion program for Ukraine and expressed their "strong commitment" to imposing sanctions and other economic restrictions against Russia in response to its "illegal, unjustified and unprovoked war."

In the context of strengthening supply chains and ensuring economic security against the backdrop of deepening ties between China and Russia, which share important natural resources, they stated that "enhancing supply chain resilience will help maintain macroeconomic stability and make the global economy more resilient."

The G7 chief financiers also noted that their countries are ready to continue to make efforts to support low- and middle-income countries that have been disproportionately affected by Russia's invasion of Ukraine and other global challenges.

The G7 finance chiefs previously met in February on the sidelines of the Group of Twenty (G20) meeting in India. They agreed to increase their economic assistance to Ukraine this year to $39 billion from the $32 billion promised earlier to help it rebuild infrastructure and defend itself against Russian aggression.

As reported by Ukrinform, in May, the G7 countries may impose sanctions on diamonds from the mining giant Alrosa, which will be another significant restriction against Russia because of its war against Ukraine.