Jun 28, 2022 06:09 UTC
  • G7 says will stand by Ukraine 'for as long as it takes', vows new sanctions on Russia

The Group of Seven (G7) countries have voiced unflinching support for Ukraine in the wake of Russia’s months-long military operation in the former Soviet state, pledging to further tighten sanctions on Moscow.

The G7 said in a statement on Monday that the inter-governmental forum would stand with Ukraine "for as long as it takes,” and promised to tighten the squeeze on Russia's finances with new sanctions that include a proposal to cap the price of Russian oil.

"We will continue to provide financial, humanitarian, military and diplomatic support and stand with Ukraine for as long as it takes," the statement said.

The G7 countries expressed readiness to provide security commitments in a post-war settlement while stressing that it was up to Ukraine to decide a future peace deal with Russia. The G7 countries also said they were prepared to grant up to $29.5 billion for Ukraine in military aids.

The member countries of the inter-governmental forum, which generate nearly half the world's economic output, said they intended to ramp up pressure on Russia over the soaring global inflation and energy shortages fueled by Moscow’s offensive in Ukraine.

The new sanctions would target Russia's revenue stream from oil and gold exports, Moscow's military production and officials installed by Moscow in areas of Ukraine captured by Russian troops.

Speaking on the sidelines of the G7 summit, a US official said Western sanctions have hit Russia's economy hard and the new measures are aimed at further depriving the Kremlin of oil revenues.

The official added that G7 countries would work with others - including India - to limit Russia’s revenues.