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G-7 to agree to step up pressure on Russia with sanctions over war

Group of Seven finance ministers and central bank governors pose for a photo ahead of their meeting in Koenigswinter, Germany, on May 19, 2022. (Photo courtesy of German government/Kyodo)

BONN, Germany (Kyodo) -- Finance chiefs from the Group of Seven major developed countries are expected to agree to step up sanctions pressure on Russia over its invasion of Ukraine as they wrap up their two-day meeting on Friday.

    The group's finance ministers and central bankers are also set to include in their communique a pledge to provide Ukraine with further financial support after discussions in Koenigswinter, near the German city of Bonn.

    They are also likely to confirm a coordinated response to global economic issues including rising fuel prices, food insecurity and high inflation stemming from the war in Ukraine.

    Fuel prices had already been rising as the global economy recovered from the coronavirus pandemic fallout, but the pace accelerated on supply concerns following Russia's invasion that began in late February.

    Prices of grain such as wheat, of which Russia and Ukraine are major producers, have also risen sharply.

    During the meeting of the finance chiefs of Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union, many outlined plans for aid to the Eastern European nation, whose fiscal situation has deteriorated due to the invasion, according to a Japanese government official.

    Japanese Finance Minister Shunichi Suzuki told his counterparts in the meeting that the Japanese government will assist Ukraine with an additional $300 million aid, as announced Thursday by Prime Minister Fumio Kishida.

    The expected joint statement, which is also likely to touch on such issues as climate change and debt crisis for developing countries, will become the basis of discussions at the G-7 summit scheduled in June.

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