G7 ministers vow to ramp up pressure on Russia if it rejects ceasefire

This is stated in the joint communiqué of the G7 finance ministers.

“We welcome ongoing efforts aimed at achieving a ceasefire. If such a ceasefire is not agreed upon, we will continue to explore all possible options, including options for maximum pressure such as further tightening of sanctions,” the statement reads.

It also notes that, in accordance with their national legislation, Russia’s sovereign assets in their countries will remain frozen until Russia ends its aggression and compensates Ukraine for the damage caused.

"Furthermore, we agree to cooperate with Ukraine to ensure that no countries, entities, or legal persons from those countries that have financed or supplied Russia’s war machine are allowed to profit from the reconstruction of Ukraine," the communiqué states.

The ministers jointly committed to boosting investor confidence through bilateral and multilateral initiatives. One specific step toward Ukraine’s recovery will be the effort to lift the full ban on the provision of insurance services in Ukraine by international companies as soon as possible.

According to World Bank estimates, Ukraine will need 524 billion USD for reconstruction and recovery over the next decade.

• On May 22, Kyiv proposed that the European Union become a partner in financially supporting the Armed Forces of Ukraine and help integrate the Ukrainian army into the European defense system.