March 2, 2022
3 mins read

Sunak calls on G7 to go faster in support of Ukraine

Sunak also confirmed that the UK stands ready to explore all avenues of support and will engage in strong G7 coordination on sanctions implementation…reports Asian Lite News

During the first meeting of G7 Finance Ministers and Central Bank Governors under the German Presidency, Rishi Sunak called on the group to go “faster and further” in support of Ukraine.

Speaking with Ukrainian Finance Minister Serhiy Marchenko, Rishi Sunak described the fortitude shown by the Ukrainian government and the Ukrainian people as “truly inspiring”.

Sunak also confirmed that the UK stands ready to explore all avenues of support and will engage in strong G7 coordination on sanctions implementation.

Chancellor Rishi Sunak presses Finance Ministers and Central Bank Governors from the Group of Seven (G7) to go “faster and further” in support of Ukraine and for a coordinated approach on sanctions implementation as the UK and its allies reduce their economic dependence on Russia.

Speaking during a virtual meeting under the German G7 Presidency earlier today (Tuesday), Chancellor Rishi Sunak emphasised the importance of G7 unity as the UK continues to work with its allies to monitor the economic impact of the conflict and stand in solidarity with the Ukrainian people.

This follows the UK’s announcement yesterday (Monday), along with G7 partners, to impose new financial sanctions on the Central Bank of Russia, the Russian National Wealth Fund, and the Ministry of Finance. Speaking directly to the Ukrainian Finance Minister Serhiy Marchenko during the meeting, Rishi Sunak described the fortitude shown by the Ukrainian people as “truly inspiring” and reiterated;

“We must do what we can to protect the fundamental freedoms of Ukraine and its people. We will continue to work in lockstep with our allies to cut Russia off from the global economy and financial system in the name of democracy and freedom,” Sunak said.

The Chancellor also reiterated the support provided so far by the UK Government, including a total of £220m of humanitarian support for Ukraine and a guarantee of up to $500m of Multilateral Development Banks lending for Ukraine, and stressed that the UK stands ready to go further if needed. This includes our authorities and agencies working closely together through a newly established multilateral taskforce to ensure our financial sanctions have maximum effect, including doing more to ensure full and effective targeting of Kremlin-connected elites, their families, and their enablers.

The UK’s announcements with allies over the weekend, notably the sanctions on the Russian Central Bank and the commitment to remove sanctioned Russian financial institutions from the SWIFT financial system already had a strong impact on Russia, as evidenced by market reactions. We will continue working in lockstep with our allies and have had constructive discussions on the detail of the SWIFT measure to see further action on this. As the meeting concluded, the Group agreed to continue monitoring impact of the conflict and closely coordinating its responses in all areas, especially sanctions implementation. The Chancellor emphasised that the UK stood ready to take further action.

G7 Finance Ministers and Central Bank Governors also reiterated their commitment to supporting Ukraine financially, building on the $48 billion provided by international partners in financial support to Ukraine between 2014 and 2021. This will continue in 2022 as the G7 stands united by Ukraine’s side.

ALSO READ-‘Russian compulsion, Chinese threats behind India’s abstention’

Previous Story

Popular Kerala vlogger found dead at Dubai home

Next Story

Colleagues back gallery director who fell foul of pro-Israel group

Latest from -Top News

Industry Hails India-UK FTA

£34 billion boost, sweeping tariff cuts and market access mark UK’s most ambitious post-Brexit trade pact; Indian sectors set for exports surge…reports Asian Lite News Business leaders from both India and the

India, UK Sign Landmark FTA

The pact is set to make imported goods like Scotch whisky, gin, luxury cars, cosmetics, and medical devices more affordable for Indian consumers….reports Asian Lite News In a landmark moment for India-UK

Farmers Win Big in India-UK FTA

There is a massive gain for rural India and exporters with zero duty on processed foods compared with up to 70 per cent earlier….reports Asian Lite News The India-UK Free Trade Agreement

Modi-Starmer Meet Ahead of FTA Signing

During the discussions, the two sides will also review the progress of the Comprehensive Strategic Partnership (CSP)…reports Asian Lite News Prime Minister Narendra Modi on Thursday called on Keir Starmer at the

Hindu Temple Vandalised in Melbourne

Confirming the incident, Victoria Police mentioned they are investigating “four linked incidents in Boronia,” including the temple and two restaurants….reports Asian Lite News In a deeply disturbing incident of racial violence, a
Go toTop

Don't Miss

Thousands of farmers protest 

The demonstration, estimated by police to have drawn 13,000 participants,

Govt advances growth mission overseas 

Doughty will travel to Madrid and Lisbon to meet with