**G7 Countries Pledge to Keep Russian Assets Frozen and Support Ukraine’s Recovery**
On May 22, the Group of Seven (G7) released a joint statement committing to keep Russia’s assets frozen until the war ends. The statement was made by Canada, which currently holds the G7 presidency in 2025.
The G7 leaders reaffirmed that Russia’s sovereign assets will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine. They also condemned Russia’s continued brutal war against Ukraine and commended the immense resilience of the Ukrainian people and economy.
**Unwavering Support for Ukraine**
The statement emphasized the G7’s commitment to unwavering support for Ukraine in defending its territorial integrity and right to exist, as well as its freedom, sovereignty, and independence towards a just and durable peace. The leaders welcomed ongoing efforts to achieve a ceasefire and promised to explore options to maximize pressure on Russia, such as further ramping up sanctions.
**Reconstruction Efforts**
Recognizing the substantial costs associated with Ukraine’s recovery, estimated at $524 billion over the next decade by the World Bank Group, the G7 committed to helping build investor confidence through bilateral and multilateral initiatives. They also agreed to continue coordinating support for Ukraine’s recovery and reconstruction efforts.
The statement made it clear that no countries or entities that financed or supplied Russia’s war machine will be eligible to profit from Ukraine’s reconstruction. This commitment reflects the G7’s desire to ensure that those responsible for the conflict do not benefit from its resolution.
**Collective Support**
Since Russia launched its full-scale invasion of Ukraine in 2022, the G7 countries have collectively supported Kyiv through various initiatives, including the Extraordinary Revenue Acceleration program. This program aims to provide Ukraine with $50 billion in loans using frozen Russian assets.
The G7 currently includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, as well as representation from the European Union. These countries have consistently demonstrated their commitment to supporting Ukraine during this challenging time.
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