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Tuesday, March 21, 2023

G7 promises Ukraine military, financial support

EconomyG7 promises Ukraine military, financial support
Schloss Elmau (The Times Groupe)- As part of their commitment to Ukraine, the leaders of the Group of Seven (G7) on Monday pledged to continue their assistance in financial, humanitarian, military and diplomatic capacities for as long as necessary.
During their video link discussion with Ukrainian President Volodymyr Zelenskyy, the leaders announced they intended to hit Moscow with more sanctions and take other measures, such as raising tariffs and capping oil prices.
On the second day of the G7 summit in Germany, a joint statement urged Russia to end its war of choice and withdraw its troops and military equipment from the entire territory of Ukraine within its internationally recognized borders.
As this is the first meeting of the world’s seven leading economies since Russia’s war on Ukraine began on Feb. 24, the war-driven food and energy crises dominated the agenda.
During the meeting, the leaders pledged to “help Ukraine defend itself,” saying they would expand collaboration in intelligence, information sharing, maritime security, and other areas.
US President Joe Biden is also expected to announce Kyiv’s purchase of an advanced surface-to-air missile defense system, reports declared.
“We will continue supporting Ukraine in defending its networks against cyber incidents and expand our cooperation in the fields of energy security, the safety and security of nuclear material and facilities, environmental, and water use issues,” the statement said.
In addition, the G7 will expand targeted sanctions to further restrict Russia’s access to Western economies’ key industrial inputs, services, and technologies, particularly those supporting Russia’s armament industry and technology sector.
Separately, the White House announced that the US would raise tariffs on more than 570 Russian products worth approximately $2.3 billion.
With regard to the global food crisis sparked by the war, the G7 urged Russia “to cease, without condition, its attacks on agricultural and transport infrastructure and to permit free passage of agricultural shipping from Ukrainian ports.”
In 2022, the G7 has provided and pledged “more than $2.8 billion in humanitarian assistance.”
Leaders pledged to continue providing substantial and ongoing humanitarian support to those affected by Russia’s war.
They hailed the (G7) Presidency’s initiative to convene an international conference of high-level experts to work on a comprehensive reconstruction plan for war-torn Ukraine.
“We stand ready to support an international reconstruction plan, drawn up and implemented by Ukraine in close coordination with bilateral and multilateral partners,” the statement said.
Leaders said that the world’s leading economic powers will “impose severe costs on Russia and its complicity.”
According to the statement, they will also prioritize efforts to “assist the global economy and mitigate spillover effects, especially in relation to humanitarian needs and vulnerable populations.”
Zelenskyy suggested concrete steps that could “benefit Ukraine and Europe” at the G7 summit.
Among these are effective security guarantees for Ukraine, modern missile defense systems, resumption of agricultural exports from Ukraine, recognition of Russia as a state sponsor of terrorism, and post-war reconstruction of Ukraine. military

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