NextGen Day

According to a statement released by the White House on Monday, the seven greatest economies in the world have decided to aid Ukraine using funds obtained from higher trade duties imposed on Russia.

On the second day of the Group of Seven summit in Germany, leaders vowed to “ensure that Russia pays for the price of its conflict” and intensify economic sanctions against Russia.

According to the statement, “The US would impose a higher tariff rate on more than 570 groups of Russian goods worth roughly USD 2.3 billion to Russia.”

It also stated that all members, including the US, who pledged USD7.5 billion as part of the second supplemental, will assist Ukraine in filling its short-term budgetary financial gaps.

As long as necessary, “leaders will also make an extraordinary, long-term security commitment to help Ukraine financially, humanely, militarily, and diplomatically,” the statement continued.

Maintaining “Ukraine’s credible military readiness and defense, particularly through the prompt provision of modern defense equipment and advanced weapon systems,” will be part of the increased support.

At the G-7 conference, UK Prime Minister Boris Johnson will encourage world leaders to act quickly to remove vital food supplies from Ukraine.

In order to send grain out of the nation by rail, the government intends to restore crucial rails.

An official statement read, “The UK is in close discussion with the Government of Ukraine about how to utilize their rail capacity and keep both trains and grain going.”

The first in-person meeting of the seven largest economies in the world since Russia’s invasion of Ukraine began on Sunday in Germany, with leaders debating the war-related food and energy crises.

The three-day conference is being held at Schloss Elmau in the Bavarian Alps, and given the ongoing conflict in Ukraine, its agenda is seen as more vital than ever.

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