Russia-Ukraine War: G7 gives Kyiv $19.8 billion to fight Russian invasion
PremiumRussia-Ukraine War: The finance ministers of the G7 include Canada, France, Germany, Italy, Japan, the United Kingdom and the US.
Germany's finance minister announced on May 20 that the Group of Seven (G7) leading nations and global financial institutions will provide $19.8 billion in aid to Ukraine's state finances. According to Christian Lindner, $9.5 billion of the total was raised at the G7 finance ministers' meeting in Koenigswinter, Germany, this week. The goal, he said, is to ensure that Ukraine's financial predicament does not hinder its ability to defend itself against a Russian invasion.
“We agreed on concrete actions to deepen multilateral economic cooperation and underlined our commitment to our united response to Russia’s war of aggression against Ukraine and to our unwavering support to Ukraine," a G7 statement reads.
This week, US Treasury Secretary Janet Yellen and other officials stressed the importance of allies putting together enough more aid to help Ukraine "get through" the Russian incursion.
“All of us pledged to do what’s necessary to fill the gap," Yellen said Thursday as the ministers finished their first of two days of talks. "We’re going to put together the resources that they need."
The finance ministers of the G7 — which include Canada, France, Germany, Italy, Japan, the United Kingdom and the US — also have grappled with deepening inflation, food security concerns and other economic issues during their talks.
As the finance ministers were meeting in Germany, the US overwhelmingly approved its own $40 billion infusion of military and economic aid for Ukraine and its allies. The legislation was backed by every voting Democrat and most Republicans.
US Treasury Secretary Janet Yellen previously cautioned that the United States and its allies continued sanctions against Russia could result in inflationary consequences for the US and its allies.
High inflation poses the possibility of slower development and a broader slump, indicating that the events sparked by Russian President Vladimir Putin's invasion of Ukraine could have far-reaching consequences far beyond the front lines of battle.