G7 countries will increase financial aid to Ukraine ahead of winter

The foreign ministers of the Group of Seven (G7) countries agreed to increase financial support for Ukraine during the winter. This is stated in a joint statement by the foreign ministers, released on Wednesday following their meeting in Paris.

“We reaffirmed our commitment to supporting Ukraine’s energy security (...) and decided to step up our financial and material support to help the country get through the winter,” reads the statement published by the UK Foreign Office.

It notes that the foreign ministers of the “Group of Seven” countries “recognized the need for a coordinated approach to addressing Ukraine’s urgent financial needs for 2027 and beyond.”

The EU is preparing to approve the final €45 billion loan for Ukraine: where the funds will be directed.

As a reminder, Finland will provide a €50 million loan to the International Development Association (IDA), which is part of the World Bank Group. The funds are intended to finance Ukraine’s reconstruction.

Ukraine will receive an additional €3 billion in financial aid from the EU.