G7 to help Ukraine alleviate damages caused by Russian invasion

The financial leaders of the Group of Seven nations are expected to unveil a major new economic aid package as soon as Wednesday to help the Ukrainian government offset losses from Russia’s invasion, according to two people familiar with the matter.

Global officials have discussed providing as much as $15 billion in aid to the Ukrainians to cover financial losses caused by the war, although the final details of the measure are still being worked out, they said, speaking on the condition of anonymity to discuss planning not yet made public, The Washington Post reports.

Ukrainian officials estimate they face a monthly deficit of roughly $5 billion. The aid would be intended to cover the Ukrainian deficit for three months — amounting to short-term economic assistance, as world leaders have signaled that a much bigger long-term recovery package may be necessary.

The assistance package could be provided through a mix of partners, including the International Monetary Fund.

Congress is on track to approve roughly $40 billion in aid to Ukraine following a request from the Biden administration, although that funding includes military assistance. Ukrainian leaders attending a Group of 20 meeting last month asked for $5 billion per month in economic assistance alone, including about $2 billion per month from the United States.

Ukraine has sustained more than $94 billion in direct damage to its infrastructure since the war began, with more than $550 billion in total economic losses, according to researchers with the Kyiv School of Economics.