[G7: Russia's Failure to Cease Fire Will Lead to Strengthened Sanctions]
On May 22nd, the Group of Seven (G7) warned that if Moscow does not agree to a ceasefire in Ukraine, it will strengthen sanctions against Russia.
In the statement on Ukraine issued after the meeting of G7 finance ministers and central bank governors in Canada, it was stated: "We welcome the continued efforts of all parties to achieve a ceasefire. If a ceasefire agreement cannot be reached, we will continue to assess all feasible options, including further upgrading sanctions to exert maximum pressure."
The statement emphasized: "Russian sovereign assets will remain frozen under our respective legal systems until such time as it compensates Ukraine for its losses." The G7 declared its "firm support" for Ukraine's "territorial integrity, right to existence, freedom, sovereignty, and independence," and committed to helping Ukraine restore foreign investment confidence, mobilizing the private sector to participate in reconstruction efforts, and promoting the return of the international insurance industry to Ukraine.
The next International Conference on Ukraine Reconstruction will be held in Rome on July 10-11. The G7 stated that it will take measures together with Kyiv to prohibit countries and entities it identifies as "financing or supporting Russia's special military operations" from participating in reconstruction.
During the G7 meeting (May 20-22) held in Banff, Alberta, Canadian Finance Minister François-Philippe Champagne said that the alliance is prepared to upgrade sanctions against Russia "if necessary," but did not provide details. He also pointed out that the G7 would accelerate efforts to encourage private enterprises to participate in Ukraine's future reconstruction.
Original Source: https://www.toutiao.com/article/1832872248481804/
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