Chancellor Rishi Sunak presses Finance Ministers and Central Bank Governors from the Group of Seven (G7) to go “faster and further” in support of Ukraine and for a coordinated approach on sanctions implementation as the UK and its allies reduce their economic dependence on Russia.
Speaking during a virtual meeting under the German G7 Presidency, Chancellor Sunak emphasised the importance of G7 unity as the UK continues to work with its allies to monitor the economic impact of the conflict and stand in solidarity with the Ukrainian people.
The Chancellor also reiterated the support provided so far by the UK Government, including a total of £220m of humanitarian support for Ukraine and a guarantee of up to $500m of Multilateral
Development Banks lending for Ukraine, and stressed that the UK stands ready to go further if needed.
This includes our authorities and agencies working closely together through a newly established
multilateral taskforce to ensure our financial sanctions have maximum effect, including doing more to ensure full and effective targeting of Kremlin-connected elites, their families, and their enablers.
G7 Finance Ministers and Central Bank Governors also reiterated their commitment to supporting
Ukraine financially, building on the $48 billion provided by international partners in financial support to Ukraine between 2014 and 2021. This will continue in 2022 as the G7 stands united by Ukraine’s side.
