G-7 finance chiefs commit at least $24 billion to support Ukraine

Finance ministers for the Group of Seven countries on Wednesday pledged over $24 billion in 2022 in support for Ukraine amid Russia’s invasion.

“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 leaders said in a statement after meeting in Washington, D.C. 

“International organisations and multilateral fora should no longer conduct their activities with Russia in a business-as-usual manner,” the finance ministers added, noting their regret about Russia’s participation in international forums like “G20, International Monetary Fund and World Bank meetings this week.”

Since late February, the United States has provided some $2.6 billion in security assistance to Ukraine.

The country’s economy is suffering amid the war, with the World Bank projecting that its economy will shrink by 45 percent this year. Ukrainian officials say they are operating at a $5 billion monthly deficit.

The finance ministers also offered their “unwavering support for and heartfelt solidarity with the Ukrainian people and government.”

“We continue to stand with Ukraine,” their statement said. 

Since Russian forces invaded the country on Feb. 24, over 5 million Ukrainians have fled the country, according to data from the State Border Guard Service of Ukraine.

As of Tuesday, the United Nations Office of the High Commissioner for Human Rights said the invasion has resulted in 4,966 civilian casualties, including 2,104 civilian deaths.

The office added, however, that the “actual figures are considerably higher, as the receipt of information from some locations where intense hostilities have been going on has been delayed and many reports are still pending corroboration.”