G7 Pledges $50B for Ukraine, Urges China to Halt Aid to Russia

At a meeting held in New York within the framework of the High-Level Week of the UN General Assembly, the foreign ministers of the "Group of Seven" countries—Canada, France, Germany, Italy, Japan, the United Kingdom, the United States—and the High Representative of the European Union issued a statement. The key part of the statement was dedicated to Ukraine. The G7 members reaffirmed their unwavering support for Ukraine against Russia's "brutal and unjustified aggressive war."

In this context, they confirmed the plan to provide Kyiv with additional funding of about 50 billion US dollars by the end of the year, at the expense of extraordinary revenues from the freezing of Russian sovereign assets in the European Union and other jurisdictions. It was emphasized that Russia's assets will remain frozen until Moscow stops its aggression and compensates for the damages.

The G7 also pledged to tighten existing sanctions and economic measures against Russia, including the oil price cap policy. Special attention was paid to the intention to take measures against entities operating in China and third countries that significantly support Russia's military machine by supplying dual-use materials.

The G7 ministers condemned the October 7, 2023, attacks by Hamas and expressed deep concern about the increase in violence in the Middle East. They reaffirmed their full support for the implementation of UN Security Council Resolution 2735 and the comprehensive deal presented by President Biden, which provides for an immediate ceasefire in Gaza, the release of all hostages, a significant increase in the flow of humanitarian aid, and a stable end to the crisis on the path to a "two-state" solution.

The statement also calls on Iran to stop its destabilizing actions in the region and to abandon its intention to develop or acquire nuclear weapons. Iran's supply of ballistic missiles and unmanned aerial vehicles to Russia, which are used against Ukraine, was strongly condemned.

The G7 members reaffirmed their commitment to a free and open Indo-Pacific region based on the rule of law. While seeking constructive and stable relations with China, they at the same time expressed deep concern about Beijing's support for Russia's defense industrial base. The G7 called on China to stop the transfer of dual-use materials to Russia.