Leaders of the G7 countries on Friday called on Russia to end its ongoing war in Ukraine, which they said is an attack on the fundamental principles of sovereignty of nations, territorial integrity of states and respect for human rights.
G7 comprises seven major world economies Canada, Italy, France, United Kingdom, Germany, Japan and the United States.
In a joint statement following a virtual meeting of G7 leaders, convened by the US President Joe Biden, the leaders of the grouping said Russia's irresponsible nuclear rhetoric is unacceptable, and any use of chemical, biological, radiological or nuclear weapons by Moscow would be met with severe consequences.
The G7 leaders also announced the establishment of an Enforcement Coordination Mechanism' to bolster compliance and enforcement of their measures and deny Russia the benefits of the grouping's economies.
We will continue our efforts to ensure Russia pays for Ukraine's long-term reconstruction. Russia bears full responsibility for the war and the damage it has caused, including to Ukraine's critical infrastructure, they said.
They collectively reaffirmed the need for an international mechanism to register the damage Russia has inflicted.
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We are determined, consistent with respective legal systems, that Russia's sovereign assets in their jurisdictions will remain immobilised until there is a resolution to the conflict that addresses Russia's violation of Ukraine's sovereignty and integrity, it said.
Any resolution to the conflict must ensure Russia pays for the damage it has caused. We will work with partners beyond the G7 which hold those Russian sovereign assets to build the broadest coalition possible to advance these objectives, the joint statement said.
United in their determination to hold President Vladimir Putin and those responsible to account, consistent with international law, the G7 leaders deplored that many countries in the world have been severely affected by the repercussions of Russia's war of aggression.
Russia's weaponisation of food has caused global economic hardship and a rise in global food prices, increasing the cost of living of people, compounding the economic vulnerabilities of developing countries, and exacerbating already dire humanitarian crises and food insecurity around the world, they said.
G7 countries on Friday announced to take additional measures in relation to Russia's financial sector to further undermine its capacity to wage its illegal aggression.
While coordinating to preserve financial channels for essential transactions, we will target additional Russian financial institutions to prevent circumvention of our measures, they said.
The United States on Friday began disbursing USD 9.9 billion in direct budget support to Ukraine. US budgetary assistance will help Ukraine continue to deliver essential services and meet critical needs of its people amidst the Kremlin's brutal war, the United States Agency for International Development (USAID) said.
This funding allows the government of Ukraine to supply emergency services for internally displaced persons and pay public employees across public institutions from healthcare providers and first responders to education who deliver critical services, it said.
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