The G7 pledges to impose new sanctions on Russia and will ban imports of Russian gas

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Senior financial leaders from the Group of Seven (G7) pledged on Saturday to provide more support to Ukraine and impose new sanctions on Russia.

This came in a closing statement after talks held by finance ministers and heads of central banks in the Group of Seven, which lasted for 3 days, in the city of Niigata, northwest of Japan.

The G-7 consists of Italy, Germany, the United States, France, Canada, Japan and Britain, accounting for nearly 38% of the world’s GDP.

The statement read: We pledge to control inflation, help countries suffering from burdensome debt, and strengthen financial systems.

The leaders also expressed their commitment to cooperate to build more stable and diversified supply chains to develop clean energy sources.

The leaders pledged to work together within the G7 and with other countries to strengthen economic resilience globally against various challenges, stand firm to protect common values, and maintain economic efficiency by supporting the multilateral, fair and rules-based system, according to the same source.

“The global economic uncertainty has exacerbated, which requires vigilance and flexibility in policies,” the G7 leaders said.

The G7 finance leaders noted that inflation remains high and central banks are committed to seeking price stability.

The G7 financial leaders concluded their meeting by pledging continued support for Ukraine and imposing new sanctions on Russia over the war.

The G7, which contain major industrialized countries and the European Union, will ban imports of Russian gas through routes where Moscow has cut supplies.

The decision, to be finalized by G7 leaders at a summit starting Friday in the Japanese city of Hiroshima, would prevent the resumption of gas exports via Russian pipelines to countries such as Poland and Germany, where Moscow cut supplies last year.

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