G7 countries weigh new sanctions against Russia

Finance ministers and central bank governors of the G7 countries have pledged to continue their efforts to ensure that Russia pays for Ukraine's long-term recovery, Caliber.Az reports citing the press service of the European Commission.

"We reaffirm our unwavering determination to impose and enforce sanctions and other economic measures to further undermine Russia's ability to wage an illegal and unjustified war of aggression," the G7 ministers said in a press release.

During the meeting, the politicians also pledged to make efforts to help meet Ukraine's financing needs for 2024. They also confirmed that Russian sovereign assets in their jurisdictions will remain frozen until Russia reimburses Ukraine.

"We look forward to continued implementation of structural reforms by Ukraine and successful completion of the upcoming reviews, which will promote macroeconomic and financial stabilization, enhance governance and strengthen institutions, and contribute to longer-term economic sustainability and post-war reconstruction. We will continue to support Ukraine’s repair of its critical infrastructure, recovery and reconstruction, including through the Multi-agency Donor Coordination Platform for Ukraine. We will explore how any extraordinary revenues held by private entities stemming directly from immobilized Russian sovereign assets, where those extraordinary revenues are not required to meet obligations towards Russia under applicable laws, could be directed to support Ukraine and its recovery and reconstruction in compliance with applicable laws," the press release reads.

The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The G7 Finance Ministers and Central Bank Governors meetings are attended by the President of the Eurogroup, the European Commission and the European Central Bank on behalf of the European Union.