The Group of Seven has threatened to tighten sanctions against Russia if Moscow doesn't agree to a ceasefire in Ukraine.
„We welcome the continued efforts aimed at a ceasefire. "If this is not agreed, we will continue to explore all possible options for action, including increasing pressure as much as possible, such as further tightening sanctions against Russia," the G7 finance ministers and central bankers said in a statement on Ukraine adopted after their meeting in Canada.
“We confirm that, in accordance with our legal systems, Russia's sovereign assets under our jurisdiction will remain frozen until Russia pays for the damages caused to Ukraine,“ the G7 said.
The group expresses its “unwavering support“ for Ukraine in defense of its "territorial integrity and right to exist", as well as "freedom, sovereignty and independence".
The G7 declared that it would help strengthen the confidence of foreign investors in Ukraine, mobilize the private sector to carry out reconstruction activities and resume the activities of the foreign insurance industry there. It is noted that the next conference on the reconstruction of Ukraine will be held on July 10-11 in Rome. At the same time, the group promises to take measures together with Kiev to prevent the participation in the reconstruction work of those "states and structures" that, according to them, are financing or supplying Russia in the hostilities.
In a speech in the city of Banff (Alberta), where the current G-7 meeting was held from May 20 to 22, Canadian Finance Minister François-Philippe Champagne confirmed the alliance's intention to tighten "if necessary" sanctions against the Russian Federation, without providing details. Champagne added that the G-7 intends to strengthen the participation of private business in the future reconstruction of Ukraine.