G7 to use money from higher tariffs on Russian exports | MENAFN.COM

Friday, 12 August 2022 09:30 GMT

G7 to use money from higher tariffs on Russian exports


(MENAFN) The world's seven largest economies confirmed to use money gathered from higher trade tariffs on Russia to aid Ukraine, in line with a declaration by the White House.

On the second day of the Group of Seven conference in Germany, presidents make new commitments to strike the Russian economy further and "ensure that Russia pays for the costs of its war," the statement also read.

"The US will implement a higher tariff rate on more than 570 groups of Russian products worth approximately USD2.3 billion to Russia," it stressed.

It also stated that all members will pledge to aid Ukraine in covering its short-term budgetary funding deficits, counting a USD7.5 billion vows from the second supplemental from the US.

"Leaders will also make an unprecedented, long-term security commitment to providing Ukraine with financial, humanitarian, military and diplomatic support as long as it takes," it added.

The new provision will comprise keeping "Ukraine's credible military readiness and defense, including through the timely provision of modern defense equipment and advanced weapons systems."

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