Bangalore: The G7 financial chiefs will meet on February 23 to discuss penalties against Russia that will put pressure on it to end the conflict in Ukraine. Under Japan's direction, the finance ministers and governors of the central banks of the G7 nations will meet in Bangalore. It will be held more than a year after Russia invaded Ukraine in what it called a "special military operation."
Ukraine is under extreme pressure to raise money since Russian forces largely damaged the nation's industrial base, food exports, and key infrastructure a year into the war. As a result, the economy contracted by nearly 30% in 2022, leaving the government unable to pay its basic responsibilities.
Japan will host the G7 ministerial meetings in 2023 prior to the G7 leaders' summit conference, which will take place in Hiroshima on May 19–21. The G7 consists of Britain, Canada, France, Germany, Italy, Japan, and the United States.
According to people familiar with the issue who talked to Bloomberg, the G7 nations want to offer key support for Ukraine's efforts to receive funding from the IMF by the end of March as IMF officials have begun talks with the US.
The G7 governments are anticipated to publicly entrust their officials with stepping up cooperation with the IMF and Ukraine in order to achieve an ambitious programme. The G7's consent is one of the IMF conditions for reaching an agreement.
Following the G7 conference in Bangalore, India, which is now holding the G20 presidency, will host a larger meeting of G20 finance leaders from the major nations of the world in Bangalore.
The primary subjects of conversation, according to Japan's Finance Minister Shunichi Suzuki, will be support for Ukraine and sanctions against Russia. To achieve the ultimate goal of inducing Russia to withdraw, "we will continue to closely collaborate with the G7 and the international community to strengthen the effect of sanctions."
