G7 finance ministers and central bank governors, in a communiqué following their meeting on May 19, pledged to continue working on developing financing options for Ukraine, but reminded of reforms, including limiting VAT exemptions, also promised to work on mobilizing funding for the Chernobyl NPP arch after the Russian attack, and reaffirmed support for pressure on Russia, UNN reports.
Details
"We are united in our condemnation of Russia's continued brutal war against Ukraine and escalatory actions that undermine collective efforts to establish peace, and reaffirm our unwavering support for Ukraine in defending its territorial integrity and right to exist, as well as its freedom, sovereignty, and independence on the path to a just and lasting peace," the statement reads.
On pressure against the RF
Financial leaders of the "Group of Seven" countries also reaffirmed their "unwavering commitment to continue imposing a severe cost on Russia in response to its continued aggression against Ukraine." "We will continue to consider the possibility of additional pressure on key sectors of the Russian economy, such as energy, finance, and its military-industrial base, by taking coordinated economic and financial measures and combating (sanctions) circumvention. This includes actions against entities in third countries that materially support Russia's war efforts. We remain committed to restricting Russia's access to critical technologies and revenues. We welcome the continued exploration by the Oil Price Cap Coalition of energy market conditions to assist in future policy considerations regarding the oil price cap and potential measures regarding maritime services," the statement said.
The Minister of Economy and Finance of G7-presiding France, Roland Lescure, following the meeting, as noted by franceinfo, confirmed the "unanimous" desire of the G7 countries to "continue pressure on Russia" to prevent it from taking advantage of the war in Ukraine and the Middle East.
On financing
"We welcome the continued implementation of the ERA mechanism to support Ukraine. We reaffirm that, in accordance with our legal systems and international law, Russia's sovereign assets in our jurisdictions will remain immobilized until Russia ends its war of aggression and pays reparations," the G7 financial leaders noted.
"Building on the EU loan in support of Ukraine amounting to 90 billion euros and our existing commitments that allowed for the approval of the IMF program for Ukraine, we will continue to work on developing a wide range of financing options for joint support of Ukraine in the future," the statement indicated.
On reforms
They also agreed that "private sector mobilization is essential both for strengthening economic resilience and for the recovery of Ukraine." "We call on Ukraine for steady progress in its reform agenda, strengthening the rule of law, public administration, anti-corruption efforts, and reducing the shadow economy. The implementation of structural benchmarks of the IMF program, including limiting VAT exemptions, will be important not only for increasing Ukraine's attractiveness to foreign capital but also for enhancing domestic revenue mobilization. We call on the Ukrainian authorities to further strengthen the reform momentum. To further promote an investor-friendly environment and support Ukrainian industry, particularly in the defense sector, we will continue to coordinate our support within the Ukraine Donor Platform, as well as at the Ukraine Recovery Conference to be held in Gdansk on June 25-26, 2026," the statement reads.
On energy
"We support efforts to ensure the resilience of Ukraine's energy system ahead of the next winter. We encourage the continued efforts of the G7+ Ukraine Energy Support Group, working closely with international financial institutions, engaging other private actors, and facilitating important reforms of Ukraine's energy sector," the G7 financial heads indicated.
On the Chernobyl NPP
"We express serious concern regarding the risks to nuclear safety following the Russian drone strike on the Chernobyl nuclear power plant and reaffirm our commitment to preventing any radiological incidents with potentially serious humanitarian and environmental consequences for the region. In partnership with the European Bank for Reconstruction and Development, we are working to mobilize the financing needed over the next few years to support urgent repair work on the New Safe Confinement of the Chernobyl NPP, the cost of which is currently estimated at at least 500 million euros. We call on other partners to join us in supporting this initiative," the statement notes.
G7 financial leaders also emphasized the "importance of swift and coordinated actions to ensure the preservation of the integrity of this critical infrastructure" and pledged to "work closely with international partners to provide assistance."
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