Leaders Announce ‘New Sanctions To Condemn Russia’s Illegal ‘Unwavering Support’ For Ukraine
February 25, 2023—The G7 countries of Japan, the United States, Britain, Italy, Germany, Canada, and France issued the harshest statement yet condemning Russia’s illegal war against Ukraine.
“Russia’s heinous attacks over the last 365 days have laid bare the cruelty of the ongoing aggression,” the G7 leaders said Friday. “We condemn Russia’s illegal, unjustifiable, and unprovoked
war, disregard for the Charter of the United Nations (UN) and indifference to the impacts that its
war is having on people worldwide.”
The G7 leaders promised to give “unwavering support for Ukraine for as long as it takes.” The nations’ leaders met virtually while their finance and central bank leaders met on the sidelines of a broader meeting of G20 countries taking place in Bengaluru, India.
Economic Support For Ukraine, Stronger Sanctions Against Russia
In their Feb. 24 joint statement, the G7 countries agreed on the following economic steps:
- To increase G7’s financial support to Ukraine to $39 billion for 2023;
- To coordinate with the International Monetary Fund on additional budgetary support
- To plan for reconstruction efforts via a recovery conference in London in June;
- To impose “severe costs” on countries or actors supporting Russia and helping that country evade Western sanctions;
- To enact measures restricting Russian sales of diamonds; and
- To impose new measures on Russia’s financial sector.
Significantly, the G7 statement warns others about helping Russia evade sanctions. That could spell trouble in the months ahead for entities trading with Russia. Furthermore, it could mean more economic de-globalization or “decoupling.”
“We call on third-countries or other international actors who seek to evade or undermine our measures
G7 Feb. 24, 2023
to cease providing material support to Russia’s war, or face severe costs. To deter this activity around the world, we are taking actions against third-country actors materially supporting Russia’s war in Ukraine.”
Meanwhile, the G7 leaders promised to remain committed to meeting Ukraine’s military needs. Also, they promised to extend the Black Sea grain corridor brokered by Türkiye.
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