Finance Ministers and Central Bank Governors from G7 nations have met in Morocco’s capital, Marrakech and issued a joint statement, condemning Russian armed aggression and reiterating their unwavering support for Ukraine.
Report say the relevant statement was published by the European Council.
“We reiterate our unwavering support for Ukraine and are united in our condemnation of Russia’s illegal, unjustifiable, and unprovoked war of aggression against Ukraine,” the document reads.
The G7 Finance Ministers mentioned that Russia’s war had caused tragic loss of life, destruction of property and infrastructure, increased global food insecurity, and exacerbated global economic challenges.
“We remain determined to foster international cooperation to address the global economic hardships caused by Russia’s war against Ukraine and its weaponization of food and energy. In this context, we urge Russia to end its attacks on Ukrainian grain supplies and infrastructure and to expeditiously restore the Black Sea Grain Initiative to improve supply to the global market and reduce food price volatility. We call on Russia to immediately end its illegal war against Ukraine, which would clear one of the biggest uncertainties over the global economic outlook,” the G7 Finance Ministers stressed.
According to the document, the G7 Finance Ministers will continue their efforts to ensure that Russia pays for the long-term reconstruction of Ukraine. They will also explore all possible avenues to aid Ukraine, consistent with their respective legal systems and international law.
In this regard, the G7 Finance Ministers welcomed the initial effort by the Russian Elites, Proxies, and Oligarchs (REPO) Task Force to account for Russia’s sovereign assets immobilized and held in REPO member jurisdictions, which is at this stage estimated at around USD 280 billion, and expect the REPO Task Force to refine this initial effort over the coming months.
“We recall and reaffirm our Leaders’ Statement that, consistent with our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia pays for the damage it has caused to Ukraine. We reiterate our unwavering resolve to impose and enforce sanctions and other economic measures to further undermine Russia’s capacity to wage its illegal, unjustifiable and unprovoked war of aggression,” the G7 Finance Ministers emphasized.
They expressed readiness to remain committed to countering any attempts to evade and undermine the sanction measures. Additionally, they will continue to strengthen coordination in monitoring cross-border transactions between Russia and other countries, take further action directed at the Russian financial sector as necessary, and closely monitor the effectiveness of the price caps on Russian crude oil and petroleum products to ensure the measure delivers on its objectives, and take any necessary and appropriate enforcement actions required.
“We reaffirm our unwavering support for Ukraine for as long as it takes. We remain strongly committed to supporting Ukraine’s urgent short-term financing needs, as well as assisting its neighboring and other severely affected countries. Building on the successful completion of the first review of the IMF program for Ukraine, and looking ahead to the second review, we will continue our joint efforts to help address Ukraine’s 2024 financing needs,” the G7 Foreign Ministers noted.
They expressed hope for the implementation of structural reforms by Ukraine and successful completion of the upcoming reviews, which will promote macroeconomic and financial stabilization, enhance governance and strengthen institutions, contribute to longer-term economic sustainability and post-war reconstruction.
“We will continue to support Ukraine’s repair of its critical infrastructure, recovery and reconstruction, including through the Multi-agency Donor Coordination Platform for Ukraine,” the G7 Finance Ministers added.
They are also expected to explore how any extraordinary revenues held by private entities stemming directly from immobilized Russian sovereign assets, where those extraordinary revenues are not required to meet obligations towards Russia under applicable laws, could be directed to support Ukraine and its recovery and reconstruction in compliance with applicable laws.