G7's Historic Financial Commitment to Ukraine

Plans by the G7 to provide additional financial support for Ukraine emphasize the continued commitment of wealthy industrial nations to aid the country more than two years after Russia's invasion. German Chancellor Olaf Scholz confirmed that the support stands as a clear message to Russia, funded by multi-year loans from impounded Russian assets.

Plans by the G7 to provide additional financial support for Ukraine show that wealthy industrial nations remain committed to the country more than two years after Russia's invasion, German Chancellor Olaf Scholz said on Thursday. Speaking to reporters at the Group of Seven (G7) annual summit, Scholz said that Russian President Vladimir Putin had been misguided to expect international support for Ukraine to wane over time.

"This is a very clear commitment that should embolden the Ukrainians to do what they need to defend their independence and sovereignty," Scholz said. "And it is also a clear signal to the Russian President, that he can't just sit this out and hope that fiscal problems in a country that backs Ukraine will one day let him win this war."

The G7 plan for Ukraine is based on a multi-year loan using profits from some $300 billion of impounded Russian funds. "This is a very historic step we're taking today," the German leader said.