G7 says seeking to address Ukraine's urgent financial needs

BERLIN. Dec 12 (Interfax) - The Group of Seven member countries are intensifying efforts to address Ukraine's urgent financial needs and fully support efforts to secure the financial stability and recovery of Ukraine, the G7 said in a statement on Monday.

"Building on our commitments so far, we will continue to galvanize international support to help address Ukraine's urgent short-term financing needs. We ask our Finance Ministers to convene shortly to discuss a joint approach for coordinated budget support in 2023," according to the statement, which was published on Monday after the G7 leaders' online consultations.

"We affirm that the International Monetary Fund should be central to this effort," it said.

"We firmly support efforts to secure Ukraine's immediate financial stability and its recovery and reconstruction towards a sustainable, prosperous and democratic future, in line with its European path," the statement said.

Moreover, according to the G7 statement quoted by the Ukrainian media, the G7 members have announced the planned establishment of a multi-agency donor coordination platform, together with Ukraine, international financial institutions and other partners, to finance the reconstructions and reforms in Ukraine.

"In particular, with a view to supporting Ukraine's repair, recovery and reconstruction, together with Ukraine and our international partners and in close coordination with relevant international organizations and international financial institutions, we will establish a multi-agency donor coordination platform," the statement published on the White House website after online consultations on Monday said.

"Through this platform, we will coordinate existing mechanisms to provide ongoing short- and long-term support [...], coordinate further international funding and expertise, and encourage Ukraine's reform agenda as well as private sector led growth," the statement said.

In addition, the G7 leaders declared the intention to set up the platform secretariat. "We will each designate a senior government representative to oversee the set-up of the platform and ongoing coordination efforts, and ask them to convene as soon as possible in January 2023," the statement said.

Meanwhile, the G7 countries also pledged to maintain and increase economic pressure on Russia.

"We remain committed to our unprecedented coordinated sanctions measures [...] We will maintain and intensify economic pressure on Russia and those who evade and undermine our restrictive measures," it said.

The G7 states also mentioned the Russian oil price cap introduced earlier in December and called on countries to make use of this mechanism.

The decision of the G7 countries, the European Union and Australia to set a $60-a-barrel price cap on Russian oil went into effect on December 5. The measure bans companies from countries that participate in this initiative from facilitating the maritime transport of Russian oil, providing insurance and brokerage services and conducting such financial operations. At the same time, this ban shall not apply if Russian oil is traded at or below the cap.

Under the agreement reached by the EU, the G7 countries and Australia, the current price cap will be placed under review.

An earlier agreed embargo on seaborne Russian oil exports to the EU entered into force on December 5 as well.