The Group of Seven (G-7) most developed economies issued a joint declaration on May 22 pledging to keep Russian assets frozen until the end of the war and to support Ukraine's reconstruction, the Kyiv Independent reported.

Canada, which chairs the G-7 in 2025, released the statement on behalf of the group.

"We affirm that Russia's sovereign assets will remain frozen until Russia ends its aggression and pays for the damage done to Ukraine," the statement said.

The group condemned Russia's "ongoing brutal war against Ukraine" and praised the "tremendous resilience of the Ukrainian people and economy."

The statement also affirmed that "the G7 remains committed to its unwavering support for Ukraine in defending its territorial integrity and right to exist, as well as its freedom, sovereignty and independence to achieve a just and lasting peace."

In addition, the G7 leaders welcomed the "ongoing efforts to achieve a ceasefire". They pledged to explore options "to maximise pressure, such as further strengthening of sanctions" against Russia if a ceasefire agreement is not reached.

Acknowledging the significant costs associated with Ukraine's reconstruction, estimated by the World Bank at $524 billion over the next decade, the G7 committed to "help build investor confidence through bilateral and multilateral initiatives" and to continue to coordinate support for Ukraine's recovery and reconstruction. | BGNES