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G-7 countries condemn Russian aggression, increase aid to Ukraine

Japan's Finance Minister, Shunichi Suzuki (right) and Vice Minister of Finance, International Affairs, Masato Kanda addresses a presser on G-7 Finance Ministers and Central Bank Governors Meeting, on the sidelines of G-20 Finance Ministers and Central Bank Governors meeting under India's G20 Presidency in Bengaluru on Thursday, Feb. 23, 2023. (Manjunath Kiran/AFP/Getty Images/TNS) (MANJUNATH KIRAN/AFP/Getty Images North America/TNS)
By Yoshiaki Nohara Bloomberg News

Group of Seven finance ministers once again condemned Russia’s war in Ukraine on the eve of its one-year mark and pledged to increase financial support for Ukraine.

G-7 finance ministers increased their budget to $39 billion and reaffirmed their “unwavering support for Ukraine,” calling Russia’s aggression “illegal, unjustifiable and unprovoked” in a statement issued Thursday.

The increase in funding will enable Ukraine to continue delivery of basic services and carry out critical repairs of damaged infrastructure apart from stabilizing the economy.

“We re-emphasize our shared commitment to our coordinated economic measures in response to Russia’s war of aggression,” Shunichi Suzuki, finance minister of Japan and this year’s G-7 chair, said from Bengaluru, India.

“Our sanctions have significantly undermined Russia’s capacity to wage its illegal war,” he added.

The G-7 gathering took place in Bengaluru, formerly known as Bangalore, where G-20 finance ministers and central bank governors are meeting Friday and Saturday. The smaller group of developed nations showed their united front behind Ukraine in anticipation that G-20 messaging may be watered down.

Japanese Prime Minister Fumio Kishida is set to host Ukrainian President Volodymyr Zelenskyy at an online G-7 summit on Friday. This week, Kishida has announced Japan would provide $5.5 billion in fresh aid for Ukraine as U.S. President Joe Biden made a surprise visit to Kyiv.

On Thursday, the G-7 finance ministers also discussed the outlook for the global economy amid rapid interest rate hikes to cool inflation. They also reaffirmed their exchange rate commitments. G-7 finance ministers said they will continue to work with G-20 members to swiftly conclude country cases under the Common Framework for Debt Treatments, citing Ethiopia, Ghana and Zambia.

G-7 also pledged to facilitate coordination among all official bilateral creditors to address debt issues of other vulnerable countries such as Sri Lanka.