G7 finance ministers commit more than $24B to Ukraine

By Ovunc Kutlu

ANKARA (AA) - The Group of Seven (G7) countries' finance ministers and central bank governors have committed more than $24 billion to support Ukraine in financial and material items in 2022 amid its war with Russia.

"Against the background of the ongoing brutal Russian aggression, the accompanying suffering of the Ukrainian population, and the continued destruction of the country itself, we are prepared to do more as needed," according to a joint statement released Wednesday by the UK Treasury.

The amount comes on top of more than $60 billion in economic support provided for Ukraine since 2014 when Russia annexed Crimea.

"Our sanctions are already having the intended massive impact on the Russian economy, which is likely to contract significantly this year," it said.

G7 is an intergovernmental forum that includes Canada, France, Germany, Italy, Japan, the UK and the US.