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G7 discusses the war in Ukraine: Everything you need to know

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The G7 nations (the United Kingdom, Germany, Italy, Canada, the United States, France, and Japan) are prepared to impose additional restrictions on Russia, its representatives, and institutions, according to a statement approved by foreign ministers after a three-day meeting in the German municipality of Wangels.

Here’s everything you need to know about it:

G7 imposes more sanctions against Russia, its representatives, institutions

“We reaffirm our determination to further increase economic and political pressure on Russia, continuing to act in unity,” the statement said. Sanctions will target “Russian elites including economic actors, the central government institutions and the military,” heads of G7 foreign ministries noted, adding that G7 will continue “isolating Russia from our economies, the international financial system, and within global institutions.” “We will broaden our sanctions measures to include sectors on which Russia has a particular dependence,” they concluded.

G7 expedites efforts to reduce reliance on Russian energy supplies

“We will expedite our efforts to reduce and end reliance on Russian energy supplies as quickly as possible, building on G7 commitments to phase out or ban imports of Russian coal and oil,” the statement said.

“We will accelerate the energy transition and enhance energy efficiency in the context of the accelerated phasing out of our dependency on Russian energy, in accordance with our climate objectives and energy security imperatives, thereby steadily reducing foreign currency flows into Russia and restricting the financial means available to fund Russia’s war machinery,” heads of G7 foreign ministers noted.

“We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies,” they added.

G7 foreign ministers vow military assistance to Kyiv will continue “as long as necessary”

“We will pursue our ongoing military and defense assistance to Ukraine as long as necessary,” the statement said.

They slammed Russia’s actions in Ukraine as “unjustifiable, unprovoked and illegal,” adding that Kyiv has “the right for self-defense.”

G7 foreign ministers say the situation in Ukraine worsened the prospects of the global economy

“As global markets suffer from Russia’s war of choice by rising food and commodity prices, thus affecting the lives of people around the world and exacerbating existing humanitarian and protection needs, we are determined to contribute additional resources to and support all relevant efforts that aim to ensure availability and accessibility of food, energy and financial resources as well as basic commodities for all,” the statement said.

“We will address the causes and consequences of the global food crisis through a Global Alliance for Food Security, that is to be launched officially at the G7 Development Ministers meeting, and other efforts in close cooperation with international partners and organizations beyond the G7,” heads of G7 foreign ministries noted.

Image Credit: Getty

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