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  • Sunday, 02 October 2022
G-7 NATIONS PLEDGE UNFLINCHING SUPPORT FOR UKRAINE

G-7 NATIONS PLEDGE UNFLINCHING SUPPORT FOR UKRAINE

An inter-governmental political forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States known as the Group of Seven (G-7) has published a statement in which they asserted their incessant and unflinching support for Ukraine and committed to further penalizing Russia on the economic front.

 

In the communique on Monday, the G-7 said, “We will continue to provide financial, humanitarian, military and diplomatic support and stand with Ukraine for as long as it takes.”

 

The groups said it was committed to sustaining and intensifying international economic and political pressure on President Putin’s regime and what it called “its enablers” in Belarus, depriving Russia of the economic means to persist in its war of aggression against Ukraine.

 

The G-7 said, “The targeted use of coordinated sanctions will continue for as long as necessary. Sanctions imposed on Russia so far were in defence of the rules-based international order that Russia has so egregiously violated and there would be more sanctions.

 

“We will continue to explore new ways to isolate Russia from participating in the global market and crack down on evasion. We are determined to reduce Russia’s revenues, including from gold. We will also continue to target evasion and backfilling activities.

 

“We will further reduce Russia’s export revenues by taking appropriate steps to further reduce dependency on Russian energy and further restrict Russia’s access to key industrial inputs, services, and technologies produced by our economies, particularly those supporting Russia’s armament industrial base and technology sector.”

 

“We will increase the costs of Russia’s war on Ukraine by imposing targeted sanctions on those responsible for war crimes, exercising illegitimate authority in Ukraine, and those that it said were standing behind Russia’s engagement in efforts to increase global food insecurity by stealing and exporting Ukrainian grain or otherwise profit illegitimately from the war.”

 

“We will assist the global economy and would take action to help mitigate spillover effects from the sanctions, especially relating to humanitarian and other basic needs, and vulnerable populations.”

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