The new measures under consideration would also include lowering the Group of Seven oil price cap on Russian crude exports from $60 to around $45 per barrel.
The G7 issued a joint statement on May 22, pledging to keep Russian assets frozen until the end of the war and to support Ukraine's recovery. "We reaffirm that... Russia’s sovereign assets... will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine," the statement read.
Ukrainian Finance Minister Serhii Marchenko said Kyiv is proposing a new model: EU partners would help fund the Ukrainian military, and in return, Ukraine would be further integrated into the continent's defense system.
This is not the first time that the U.S. has blocked joint G7 statements in support of Ukraine and condemning Russia's war.
EU officials told Reuters they would propose bringing the cap down from $60 to $50 per barrel, as Brussels and its allies seek to further reduce the Kremlin's revenue from fossil fuel exports.
When pressed about whether he would invite Russia back to the group, President Donald Trump responded that "it's not good timing now," contradicting previous statements on the matter.
"This war must end — and Canada will continue our efforts among allies to bring about freedom, peace, and security for Ukraine," Canadian Prime Minister Mark Carney said.
The Ukrainian delegation raised the issue with the U.S. Treasury officials during negotiations on April 23, according to Reuters. Ukraine intends to continue lobbying for the initiative at an upcoming meeting with the International Monetary Fund, Pyshnyy said.
Japan's funds will be disbursed over 30 years and directed toward budgetary needs and to support reconstruction and development.
The U.S. has told the other G7 members it would not support a joint statement condemning Russia's deadly attack on Sumy last week so as not to disrupt peace efforts, Bloomberg reported on April 15, citing undisclosed sources.
"With today's payment of 1 billion euros, we are reiterating our steadfast commitment to Ukraine. We are helping the country's economy stay on course and rebuild critical infrastructure damaged by Russian aggression," European Commission President Ursula von der Leyen said.
Newly elected Canadian Prime Minister Mark Carney has invited President Volodymyr Zelensky to attend the Group of Seven (G7) summit in June, Le Journal de Quebec reported on March 17, citing a Canadian Foreign Ministry spokesperson.
The group’s communiqué, released on March 14, affirmed Ukraine’s "territorial integrity and right to exist," while condemning Russian "acts of aggression." However, its language was softer than the G7 leaders' statement from November 2024.
The United States vetoed a Group of Seven (G7) proposal to establish a joint task force that would tackle sanctions evasion related to Russia's 'shadow fleet,' Bloomberg reported on March 8.
"The funds will go towards strengthening Ukraine's defense capabilities," Prime Minister Denys Shmyhal announced on March 7.
The loan, which is part of the Group of Seven's (G7) Extraordinary Revenue Acceleration (ERA) credit initiative, was signed amid President Volodymyr Zelensky's visit to London to meet with U.K. Prime Minister Keir Starmer.
U.S. President Donald Trump said on Feb. 13 that he would "love" to see Russia readmitted into the G7, calling Russia's 2014 expulsion from the group a "mistake."
Canadian Foreign Minister Melanie Joly's statement comes after the U.S. voted against the U.N. resolution, which condemns Russia's full-scale invasion on Feb. 24.
"As for Donald Trump... We have just had a conversation. It was a very good conversation within the framework of the G7 meeting led by Canada," President Volodymyr Zelensky said.
Canadian Prime Minister Justin Trudeau also announced new military assistance, including 25 LAV III infantry fighting vehicles, two combat support vehicles, and four F-16 flight simulators.
"Canada is not ready for a change in the membership of the G7 and is standing its ground," Canadian Ambassador to Ukraine Natalka Cmoc said.
Key developments on Feb. 20: * Zelensky-Kellogg meeting ends with no joint statements at US request, spokesperson says * Starmer to pitch plan on 30,000 European peacekeepers in Ukraine to Trump, Telegraph reports * US refuses to co-sponsor UN resolution condemning Russia, resists labeling Moscow 'aggressor' in G7 statement, media report * Russia
"In previous years, the United States has consistently co-sponsored such resolutions in support of a just peace in Ukraine," a source told Reuters.
The Group of Seven (G7) countries agreed to link any future tightening of sanctions against Russia to the progress of upcoming peace negotiations, after a meeting on Feb. 15.
U.S. President Donald Trump said on Feb. 13 that he would "love" to see Russia readmitted into the Group of Seven (G7), calling Russia's 2014 expulsion from the group a "mistake."
Ambassadors of the Group of Seven (G7) countries called for a quick resolution of the Defense Procurement Agency dispute and urged uninterrupted continuation of weapons procurement, according to their statement on Jan. 27.
Trudeau has faced mounting pressure from his party, particularly after the abrupt resignation of Deputy Prime Minister and Finance Minister Chrystia Freeland on Dec. 16.
This is the first tranche of the planned $20 billion that the U.S. intends to provide as part of the G7 initiative.
Ukraine is already receiving U.S. funds under the framework of the G7's $50 billion loan covered by profits from frozen Russian assets, Prime Minister Denys Shmyhal said on Dec 20.
Discussions reportedly include lowering the current $60-per-barrel cap to approximately $40 or even implementing a complete ban on Russian oil supplies.
For the next year, Ukraine allocated 26.3% of its gross domestic product (GDP) to defense and security expenditures, including Hr 740 billion ($17.7 billion) for arms purchases and Hr 50 billion ($1.2 billion) on the production and purchase of drones.
The U.S. Treasury Department announced on Dec. 10 that it will provide $20 billion in loan assistance to Ukraine, marking its contribution to a broader $50 billion initiative supported by G7 countries.
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