The Group of Seven promises to introduce new sanctions and continue to work on using Russian assets to help Kyiv.

The leaders of the Group of Seven (G7) countries reaffirmed their unwavering support for Ukraine and once again saluted the courage and resilience of the Ukrainian people as they tirelessly fight for Ukraine’s freedom and democratic future. This is stated in a statement published on the G7 website on the anniversary of the start of the full-scale Russian invasion of Ukraine.

The G7 leaders, in particular, expressed confidence in the ability to ensure victory for the people of Ukraine in the struggle for their future and help create a comprehensive, just and lasting peace.

“We will continue to support Ukraine’s right to self-defense and reaffirm our commitment to the long-term security of Ukraine, in particular by concluding and implementing bilateral security commitments and agreements, based on the Joint Declaration of Support for Ukraine, which we approved in Vilnius last July. We are strengthening our security assistance to Ukraine and increasing our production and delivery capabilities to help the country,” the statement said.

The Group also welcomed the decision of the European Council to begin accession negotiations with Ukraine and Kyiv’s progress in meeting the conditions of the IMF’s Extended Fund Facility.

“We will help Ukraine meet its urgent financing needs. … We strongly welcome the EU’s approval of a €50 billion financial program for Ukraine. It will provide critical financial support for Ukraine until 2027,” the G7 leaders noted.

They also called on Russia to immediately end the war of conquest and completely and unconditionally withdraw its troops from the internationally recognized territory of Ukraine. At the same time, the Group announced that they would continue to “increase the cost of Russia’s war” – in particular, introduce new sanctions, put pressure on Russia’s energy revenues, take measures against third-party entities that materially support Russia’s war and continue to work on using Russian assets for assistance to Ukraine.

“We continue to support Ukraine in further developing President Zelensky’s Peace Formula and commit ourselves to supporting a comprehensive, just and lasting peace that is consistent with the principles of the UN Charter, international law and respects the sovereignty and territorial integrity of Ukraine. As Ukraine enters the third year of this relentless war , its government and people can count on the support of the G7 as long as needed,” the Group concluded.

G7 and Ukraine

The G7 countries proposed an “interesting” option for using Russian assets in favor of Ukraine. According to Bloomberg, Kyiv’s allies may sell debt to contribute to the reconstruction of the war-torn country, using frozen assets as collateral.

Proponents of this idea believe that with any settlement of the conflict, in accordance with international law, Russia will be obliged to pay for the damage it caused to Ukraine. If the Russian Federation refuses, it will be possible to make claims on the frozen assets.