Shumaila Aslam
Scandinavian News Finland
Bureau Chief Pakistan
The G7 finance ministers have issued a strong warning to Russia, stating that economic pressure will continue to grow if ongoing peace efforts with Ukraine do not show progress.
In their joint statement, the ministers confirmed that they are still evaluating options to secure long-term financial support for Ukraine’s war-damaged economy.
According to the G7, discussions are underway about the possible use of the full value of frozen Russian assets. These funds could be held or redirected until Moscow pays war-related reparations to Ukraine.
However, not all member states fully agree: Japan has already refused to take part in confiscating Russian assets frozen within its territory.
The G7 ministers also reconfirmed their commitment to supporting economic reforms in Ukraine. These reforms include reducing the country’s large informal labour sector, tackling corruption,
and strengthening governance especially in state-owned enterprises. The group emphasized that Ukraine’s internal stability is crucial for long-term reconstruction.
Additionally, the ministers expressed their readiness to support a new IMF program to help stabilize Ukraine’s economy. They also made it clear that if peace negotiations collapse, they are prepared to impose stronger measures against Russia.
At the same time, the United States declined to extend previous loan arrangements for Ukraine under the Biden administration during this meeting, signalling a shift in Washington’s financial engagement.
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