The Group of Seven, also called the G7, has made a big decision. These are some of the world’s richest and most powerful countries, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Together, they have agreed to keep Russia’s government money frozen. This means Russia cannot use its money that is kept in these countries.
Why are they doing this? The G7 says Russia must first stop its war in Ukraine. Also, Russia must pay for all the damage it has caused. Until that happens, Russia’s money will stay locked up. The G7 made this clear in a joint statement released after a meeting of finance ministers. The message was strong: “We will not unfreeze Russia’s money until the war ends and Ukraine is paid back.”
This move is part of a larger plan to put pressure on Russia to stop its actions. The frozen money includes billions of dollars that belong to the Russian government. These funds are kept in banks in countries that are part of the G7.
Strong Words for a Brutal War
In their message, the G7 leaders did not hold back. They strongly condemned Russia’s actions in Ukraine. They called the war “brutal” and said that Ukraine has suffered terrible destruction. Homes, schools, hospitals, and businesses in Ukraine have been destroyed. Millions of people have been forced to leave their homes. Despite all this, the G7 praised the courage of the Ukrainian people. They said the people and the Ukrainian economy have shown “immense resilience.”
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The G7 also repeated their promise to stand by Ukraine. They said they will continue to support Ukraine’s right to exist as a free and independent country. According to them, Ukraine deserves peace that lasts and protects its borders. The statement made it clear that the war must end in a fair way. Only then can there be a true and lasting peace.
The G7 added that they support all current efforts to reach a ceasefire – a stop to the fighting. If Russia does not agree to this, the G7 countries said they might increase the pressure. This could mean even tougher sanctions – which are penalties used to hurt a country’s economy. The goal is to make it harder for Russia to continue the war.
Helping Ukraine Recover and Rebuild
Ukraine is in deep need of help. The war has caused huge damage, and rebuilding will take a lot of money. According to the World Bank Group, Ukraine will need around $524 billion over the next ten years to fix everything that has been destroyed. The G7 has promised to help.
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The G7 said they will work together to make investors feel confident about helping Ukraine. They also want to make sure the rebuilding money goes to the right people. One important part of the G7’s plan is this: any country or company that helped Russia during the war will not be allowed to make money from rebuilding Ukraine. This is to make sure that only those who stood with Ukraine get to help—and benefit—from rebuilding the country.
The G7 countries are already helping Ukraine in different ways. One major program is called the Extraordinary Revenue Acceleration. It plans to use Russia’s frozen money to give Ukraine up to $50 billion in loans. This money will help Ukraine pay for things like repairing buildings, roads, and power systems.
Another important event mentioned in the statement is the Ukraine Recovery Conference. It will happen in Rome on July 10 and 11, 2025. At this meeting, the G7 countries and other partners will talk more about how to help Ukraine recover and rebuild.
In short, the G7’s message is clear and united. They will not let Russia use its frozen money until the war ends and Ukraine is repaid for the destruction it has suffered. They are also making sure that those who caused harm will not be allowed to profit from the peace and rebuilding that must come next.
