G7 reaffirms support for Ukraine, vows to counter attempts by Russia to evade sanctions

In a joint statement following a meeting in Niigata, Japan, finance ministers and central bank governors from the Group of Seven (G7) nations expressed their commitment to countering any attempts by Russia to evade sanctions imposed over the situation surrounding Ukraine. The G7 countries also pledged to provide ongoing support to Ukraine as long as it is needed.

The statement, issued on Saturday, emphasised the G7's determination to strengthen coordination in monitoring cross-border transactions between Russia and other countries, as per a report from TASS. They also expressed their intention to take further action aimed at the Russian financial sector if necessary. Additionally, the effectiveness of price caps on Russian crude oil and petroleum products will be closely monitored to ensure they achieve their intended objectives, with appropriate enforcement actions to be taken when required.

Russia's sovereign assets to remain frozen for now

"We remain committed to countering any attempts to evade and undermine our sanction measures," the statement read. The G7 nations called on other countries to join them in implementing measures against Russia and to enhance their enforcement efforts. They also stressed that Russia's sovereign assets in their jurisdictions will remain frozen until a resolution to the Ukrainian conflict is reached.

The statement further reiterated the G7's unwavering support for Ukraine, pledging to stand by the country for as long as it takes to achieve stability and a peaceful resolution to the crisis. Japan, which currently holds the G7 presidency for 2023, hosted the meeting and has previously organized several G7 ministerial gatherings, including those involving heads of foreign ministries, as well as digitalization and technology ministers.

The G7's united stance against Russian sanctions evasion and their continued support for Ukraine underscores their determination to maintain stability in the region and ensure the accountability of actions taken by Russia. The ongoing coordination and enforcement efforts by the G7 countries signal a firm commitment to upholding international norms and promoting a peaceful resolution to the Ukrainian conflict.