The leaders of the “Big Seven” confirmed their support for Ukraine at the summit in Italy
The leaders of the G7 countries, who gathered for the summit in Apulia, Italy, at the final meeting confirmed their commitment to democratic principles, multilateralism and international law and order and peace.
“At the heart of our work is the obligation to comply with the UN Charter, to protect international peace and security, and to support a free and open international order based on rules”, says the final communique of the summit.
The G7 leaders reaffirmed their commitment to protecting human dignity and the rule of law in all regions of the world. President of Ukraine Volodymyr Zelenskyi took part in the summit.
One of the main issues on the agenda was the ongoing crisis in Ukraine, and the summit participants confirmed their firm intention to support this country’s struggle for freedom in the face of Russian aggression, as well as Kyiv’s efforts to restore the Ukrainian economy.
“Our ultimate goal is to achieve a just, strong and comprehensive world in accordance with international law, the UN Charter and its principles, as well as respect for the sovereignty and territorial integrity of Ukraine. We will continue to support Ukraine as long as it will be necessary”, – it is emphasized in the final communique.
The leaders of the “Big Seven” announced plans to provide Ukraine with $50 billion using proceeds from frozen Russian assets. The additional funding will provide a critical boost to Ukraine’s military and budgetary needs and help in its recovery.
The leaders emphasized that Moscow’s financial assets, which are under the jurisdiction of the G7 countries, will remain frozen until Russia stops its aggression and compensates for the damages caused to Ukraine. Leaders cited a World Bank estimate of the damage at $486 billion.
In the coming months, the United States, in cooperation with Ukraine and partners from the Big Seven, will finalize the details of the financing mechanism in order to issue a loan to Kyiv by the end of the year.
It will be recalled that this week the administration of President Joe Biden announced a new package of sanctions and export control measures, guided by the commitments of the “Big Seven” to increase pressure on Russia for its war in Ukraine.
The new sanctions are directed against more than 300 individuals and legal entities in Russia, China and other countries, primarily against the Russian financial infrastructure, international sanctions evasion networks, future revenues from the sale of energy carriers. Representatives of the Russian elite involved in the deportation of Ukrainian children were also sanctioned.
In addition, the U.S. has restricted Russian access to certain software and IT services and will prosecute shell companies involved in the diversion of goods. Washington has also tightened export controls on companies supplying Russia with American-branded goods manufactured abroad.
Another manifestation of the USA’s continued support for Ukraine was the signing of the Bilateral Security Agreement by President Biden and President Zelensky.
The agreement underscores the US commitment to deepening cooperation with Ukraine in the field of security and defense. The US has also pledged to hold consultations on future armed attacks.
