The G7 countries have committed to increasing financial aid to Ukraine to $39B in 2023.

In December, the G7 nations pledged $32B in financial support for Ukraine, and now it’s $39B, the G7 finance ministers said in a statement. This commitment gives Ukraine confidence and allows authorities to guarantee state operations, continue the provision of essential services, carry out the most important repairs of damaged infrastructure and stabilize the economy, the ministers emphasized. They expect the IMF to help Ukraine, and they have implored the fund to develop a reliable and ambitious program by the end of March 2023. The ministers pledged that the G7 will continue their sanctions policy against Russia and work with their partners to ensure the continued price ceiling for Russian oil and oil products.