G7 finance ministers plan to increase sanctions against Russia and provide more aid to Ukraine

Treasury Secretary Janet Yellen told her international counterparts that supporting Kiev is “crucial" to defeating Vladimir Putin.

The relentless Russian aggression against Ukraine has captured attention at the economic summit of the Group of Seven (G7) - Germany, Italy, France, the United Kingdom, the United States, Canada and Japan. The finance ministers from the most important Western economies met yesterday in northern Italy and announced their desire to continue helping Kiev defeat Vladimir Putin.

"We are advancing our discussions on possible ways to anticipate windfall profits from blocked Russian sovereign assets, for the benefit of Ukraine, in accordance with international law and our respective legal systems," said the ministers in statements collected by AFP.

What was not determined, or, at least, not made public, was the amount of new aid that would be granted to Ukraine with the embargoes placed on Russian assets.

This economic summit, a prelude to the G7 leaders' summit which will be held in the city of Fasano (southern Italy) on June 13-15, was attended by the Ukrainian Minister of Finance, Sergii Marchenko, who had the opportunity to hear first-hand the proposals and intentions of his peers.

"I hope that during the G7 leaders' summit in June some decision will be made," Marchenko said, hoping that the next big meeting will serve to advance his country's fight against the Kremlin.

United States, firm with its support for Ukraine in the G7

Before traveling to Italy, Treasury Secretary Janet Yellen stated that "it remains crucial, both to allow the continued resistance of Ukraine and to protect our national security and that of our partners and allies" to provide the economic aid that the Ukrainian government needs. She also declared that Washington, D.C.’s position regarding sanctions against Russia remains solid.

Yellen has maintained that stance in the meeting with her counterparts. The secretary of the treasury explained to the rest of the finance ministers that the United States’ objective is to continue sending economic aid packages to Ukraine with the money or assets that are seized from Russian entities or citizens, despite Vladimir Putin's threats to do the same by seizing American assets located in Russia.