G7 threatens to severely punish Russia if ceasefire not reached

According to TASS, on May 22, the G7 Group threatened to tighten sanctions against Russia if Moscow does not agree to a ceasefire in Ukraine.

“We welcome ongoing efforts to achieve a ceasefire. If such a ceasefire is not agreed, we will continue to consider all possible options, including those designed to maximize pressure, such as further tightening of sanctions against Russia,” reads the G7 Finance Ministers and Central Bank Governors’ joint statement on Ukraine, adopted after their meeting in Canada.

The G7 statement confirmed that, under their legal system, Russian sovereign property under their jurisdiction will remain in place until Russia compensates for the damage caused to Ukraine.

“The statement declared “firm support” for Ukraine in defending its “territorial integrity and right to exist” as well as its “freedom, sovereignty and independence,” the G7 said.

In addition, the G7 promised to help strengthen the confidence of foreign investors in Ukraine, mobilize the private sector to carry out recovery work and resume the activities of the foreign insurance industry there. It should be noted that the next Western conference on the reconstruction of Ukraine will take place on July 10-11 in Rome.

At the same time, the Group of Seven countries promised to take measures together with Ukraine to prevent "states and structures", which, according to them, finance or provide participants of the Russian special military operation, from participating in the recovery work.

Speaking in Banff, Alberta, where the current G7 meeting is taking place from May 20 to 22, Canadian Finance Minister Francois-Philippe Champagne confirmed the group's intention to tighten sanctions against Russia "if necessary." He did not provide details. Champagne added that the G7 intends to increase private sector involvement in the future reconstruction of Ukraine.