The leaders of the G7 nations pledged open-ended support for Ukraine after the second day of a three-day summit in Germany.
In a statement, the leaders of the US, Britain, France, Germany, Japan, Italy, and Canada said they would provide Ukraine with military, economic, and humanitarian assistance “for as long as it takes.”
“We will continue to provide financial, humanitarian, military and diplomatic support and stand with Ukraine for as long as it takes,” the statement said. The G7 leaders said they are “committed to sustaining and intensifying international economic and political pressure” on Russia and Belarus through economic sanctions.
The White House released a fact sheet announcing a plan to implement new sanctions on Russia in coordination with G7 nations. Under the plan, the US will implement higher tariffs on more than 570 groups of Russian products, a move that comes as Americans are facing soaring inflation and gas prices.
The US will also ban the import of Russian gold, which President Biden announced on Sunday. “Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia,” Biden wrote on Twitter. The G7 also plans to increase sanctions targeting Russia’s technology industries and sanctions on Russian officials.
The White House said the US will provide Ukraine with $7.5 billion in economic aid to help Kyiv “cover its short-term budgetary funding shortfalls” that will be taken from the $40 billion Ukraine aid bill Biden recently signed into law.
So far, the US-led sanctions campaign against Russia has backfired on the West. Russia is making more money on oil exports than before the invasion and the sanctions have done nothing to stop Russia’s offensive.