G7 announces tougher sanctions against Russia
In addition to the 2.6 billion euros in humanitarian aid already pledged, up to 28 billion euros are to be allocated to the Ukrainian national budget for the current year. This is intended to close funding gaps and serve the basic needs of the Ukrainian population.
In a joint statement, the Group of Seven (G7) also announced a tightening of sanctions against Russia. The focus here will be on the defence industry and the technology sector: “We are determined to reduce Russia’s revenues, including from gold.”
Further targeted sanctions are to be directed against war criminals and those who profit from Ukrainian grain or gain financially from the war in other ways. This was to ensure “that Russia pays the price of its war”.
Ukraine “deeply conscious” of the help being offered
The G7 again called on Russia to end the war and warned against the use of chemical, biological or nuclear weapons. It also called on the country to put an immediate stop to attacks on agricultural infrastructure and to open the ports for the export of grain.
President Volodymyr Zelensky joined the working session of the G7Heads of State and Government at the Summit in Schloss Elmau via video link. In a statement issued by his office, the President expressed his gratitude for the financial and military assistance: Ukraine was deeply conscious of the help being offered by the “big seven”, he said.