SCHLOSS ELMAU, Germany
According to a statement released Monday by the White House, the world’s seven largest economies have agreed to use the money raised from higher tariffs on Russia to help Ukraine.
On the second day of the G7 summit in Germany, leaders are making new pledges to further hit the Russian economy and “ensure that Russia pays the costs of its war”, the statement said.
“The United States will implement a higher tariff rate on more than 570 Russian product groups worth approximately $2.3 billion to Russia,” he said.
He also noted that all members will pledge to help Ukraine cover its short-term fiscal financing gaps, including a commitment of $7.5 billion from the United States’ second supplement.
“Leaders will also make an unprecedented long-term security commitment to provide Ukraine with financial, humanitarian, military and diplomatic support for as long as needed,” he said.
The new support will include maintaining “Ukraine’s credible military readiness and defense, including through the timely provision of modern defense equipment and advanced weapon systems.”
Meanwhile, British Prime Minister Boris Johnson will call on world leaders to take urgent action to get critical food supplies out of Ukraine at the G-7 summit.
The government plans to repair vital railways in order to transport grain out of the country by rail.
“The UK is in close discussion with the Ukrainian government on how to maximize its rail capacity and get both trains and grain moving,” an official statement said on Monday.
Since the start of Russia’s war on Ukraine, the first in-person gathering of the world’s seven major economies kicked off in Germany on Sunday with leaders discussing the food and energy crises caused by the war.
The three-day event is taking place at Schloss Elmau in the Bavarian Alps, with its agenda seen as more urgent than ever as the war in Ukraine continues.
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