In an outstanding show of solidarity, Japan's Prime Minister Fumio Kishida, also the chair of the G7 this year, announced Tokyo's readiness to allocate approximately $4.5 billion for Ukraine's reconstruction. This announcement was made at the G7 summit, as reported by Kyodo News. This financial commitment is part of a broader strategy adopted by the G7, intending to limit Russia's ability to finance its 'illegal war'.
Restricting Russia's Income from Energy and Mining
In line with the strategy, the G7 is set to impose restrictions on Russia's income from energy and its potential for future mining. The group intends to place limitations on the import of 'non-industrial diamonds' mined, processed, or produced in Russia. Further phased restrictions are anticipated on Russian diamonds processed in third countries. These steps aim to cut off significant financial resources that potentially fuel Russia's ongoing aggression.
Support for Ukraine's Peace Initiative
Beyond financial and economic measures, the G7 leaders have expressed continued support for the peace initiative of Ukrainian President Volodymyr Zelensky, known as the 'Peace Formula'. This initiative underscores the group's commitment to a peaceful resolution of the conflict, highlighting the importance of diplomatic efforts alongside economic sanctions.
U.S. Additional Military Aid to Ukraine
In addition to Japan's financial commitment and the G7's diamond ban, the United States is set to announce $175 million in additional military aid for Ukraine. This move is part of a larger push by U.S. President Joe Biden for Congress to fund his weeks-old request for billions of dollars more in assistance for Ukraine.