G7 Unites on Ukraine Support, Sanctions Russia

G7 finance ministers and central bank governors have reaffirmed their unified support for Ukraine in its defense against Russia, pledging to maintain and potentially increase sanctions should Russia refuse to pursue a cease-fire. The group collectively condemned Russia's ongoing war and agreed that Russian sovereign assets in G7 jurisdictions will stay frozen until Moscow ends the conflict and compensates Ukraine. There is a strong consensus to prevent entities aiding Russia from benefitting from Ukraine's eventual reconstruction. Proposals to lower the cap on Russian seaborne oil prices from $60 to $50 per barrel were discussed, but no final decision was announced. The communique underscored unity among G7 nations in backing Ukraine's sovereignty and signaled further economic measures if diplomatic efforts are unsuccessful. These developments set the agenda for the upcoming G7 summit, where additional actions may be considered.