G7 finance ministers commit $24 billion funding to support Ukraine amid ongoing war

The G7 finance ministers on Thursday, April 21 pledged an additional support amounting to an estimated $24 billion for 2022 for Ukraine as Russia intensified assaults in the eastern Donbass region. In a statement released on Thursday, the participant nations regretted Russia’s participation in the forum. Moscow had attended the G20, as well as the International Monetary Fund and World Bank meetings this week. 

"International organizations and multilateral fora should no longer conduct their activities with Russia in a business-as-usual manner," the ministers said in a joint statement released on Thursday. 

G7 FMs condemn 'in strongest possible terms' atrocities committed by Russian forces in Ukraine

The G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States of America, and the High Representative of the European Union had condemned “in the strongest possible terms” the atrocities committed by the Russian armed forces in the Ukrainian towns, particularly Bucha and Irpin.

“The massacres in the town of Bucha and other Ukrainian towns will be inscribed in the list of atrocities and severe violations of international law, including international humanitarian law and human rights, committed by the aggressor on Ukrainian soil,” the foreign ministers of the G7 had said. The group had asked Russia to comply with the legally binding order of the International Court of Justice (ICJ) and suspend the military operations and cease hostilities.

“Against the background of the ongoing brutal Russian aggression, the accompanying suffering of the Ukrainian population, and the continued destruction of the country itself, we are prepared to do more as needed,” the G7 leaders said in a statement after meeting in Washington, DC. Furthermore they iterated, that the International organisations and multilateral fora should “no longer conduct their activities with Russia in a business-as-usual manner.” Additionally, they noted that they exceedingly regret Russia’s participation in international forums like “G20, International Monetary Fund and World Bank meetings this week.”

“We continue to stand with Ukraine,” the statement of the group of seven foreign ministers read.

Washington demanded to remove Russia from G7

European Commission President Ursula von der Leyen had demanded the removal of Russia from  the G7 due to its ongoing brutal invasion. The bloc also announced that it will  impose an import ban on Russian coal worth an estimated 4 billion euros ($4.39 billion) per year. Ursula von der Leyen said that the coal was a vital source of income for Russia and, therefore, it was crucial for the European Union to impose a ban on its import. However, the sanctions lead to a sudden surge in oil and gas prices in the country. Apart from a ban on Russian coal imports, she also imposed a full transaction ban on four key Russian banks, including the VTB, the second largest Russian bank. Moreover, US President Joe Biden demanded that Russia be removed from the group of the world's largest economies, with Treasury Secretary Janet Yellen hinting that the US might boycott G20 meetings if Russian officials attended them.