Promising To Support Ukraine For As Long As Needed, G7 Countries Prepare Funds Of IDR 436 Trillion

President Zelensky speaking via video link at the G7 summit in Germany. (Twitter/@Bundeskanzler)

JAKARTA - The Group of 7 (G7) nations pledged to support Ukraine for as long as needed, pledging to tighten pressure on Russia's finances with new sanctions that include proposals to limit Russian oil prices.

The announcement came after Ukrainian President Volodymyr Zelensky, speaking to G7 leaders at their summit in the Bavarian Alps via video link, called for weapons and air defense to win in the war against Russia within months.

The G7 leaders' statement itself aims to signal that its members are ready to support Ukraine for the long term, at a time when soaring inflation and energy shortages, sparked by the Russian invasion, have tested the West's sanctions settlement.

"We will continue to provide financial, humanitarian, military and diplomatic support and support Ukraine for as long as necessary," the G7 statement said, cited from Reuters, June 28.

After missiles rained down on Kyiv on Sunday, US National Security Adviser Jake Sullivan said the United States was preparing a new weapons package for Ukraine that includes long-range air defenses and ammunition.

Referring to President Zelensky's speech, Sullivan told reporters: "At the top of his mind were the series of missile attacks taking place in Kyiv and other cities across Ukraine, and his desire to acquire additional air defense capabilities that could shoot down Russian missiles from outside the sky."

The G7 countries said they were ready to make security commitments in a post-war settlement while stressing that, after Ukraine had previously voiced doubts, it was up to Kyiv to decide on a future peace deal with Russia.

In addition, the G7 countries also said they had promised or were ready to provide up to 29.5 billion dollars or around IDR 436.830.1 billion for Ukraine.

The G7 countries, which make up nearly half of the world's economic output, want to increase pressure on Russia without fueling already soaring inflation that is causing tensions at home and undermining the Global South.

The expanded sanctions will also target Russia's revenue streams from gold exports, Moscow's military production and officials installed by Moscow on Ukrainian territory occupied by Russian troops.

Imposing a cap on oil prices aims to hit Russian President Vladimir Putin's war chest, while actually lowering energy prices.

"The dual aim of the G7 leaders is to aim directly at President Putin's income, primarily through energy, but also to minimize the spillover and impact on the G7 economy and the rest of the world," a US official said on the sidelines of the G7 summit.

Western sanctions have hit the Russian economy hard and the new measures are aimed at further depriving the Kremlin of oil revenues. The G7 countries will work with other countries, including India, to limit the revenue Putin can continue to generate, the US official added.

"It is good, important and necessary that we talk to each other," German Chancellor Olaf Scholz said of the guest countries, which also included Argentina, Indonesia, Senegal and South Africa, who hailed it as a "democracy of the future."