G7+ leaders adopt joint declaration of support for Ukraine's recovery and reconstruction

The leaders of the Group of Seven and partner countries have adopted a Joint Declaration of Support for the Recovery and Reconstruction of Ukraine, which provides for further military, economic, and humanitarian assistance to the country both in the short term and in the post-war period.

U.S. President Joe Biden announced this in New York during a meeting of the signatory countries, according to an Ukrinform correspondent.

"Today, we are launching a Joint Declaration of Support for Ukraine's Recovery and Reconstruction to make it clear that we stand with Ukraine now and in the future," he said.

Biden stressed that more than 30 countries, as well as the European Union, had joined the historic declaration.

The document, in particular, reaffirms unwavering international support for Ukraine today and in the future, "in war and in peace." At the same time, the G7+ countries are strongly committed to helping Ukraine meet its urgent short-term financing needs and to assisting with Ukraine's long-term recovery and reconstruction

"We dispel any false notion that time is on Russia's side or that Russia can prevail by causing Ukraine to fail economically," the document reads.

At the same time, the document notes that Russia's responsibility under international law to pay for the damage it is causing is clear. To this end, Russia's sovereign assets in Western jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine.

In addition, international partners committed to use their economic assistance to ensure Ukraine maintains macro-financial stability, to repair and build critical infrastructure including in the energy sector, to boost economic growth, to support social resilience as well as the implementation of priority reforms. These include improving the business climate, strengthening anti-corruption efforts, implementing the justice system reform and promoting of the rule of law within the context of the EU accession process.

Ukraine's partners are also continuing their joint work to implement the decision made at the G7 Summit in Apulia to launch Extraordinary Revenue Acceleration (ERA) Loans for Ukraine by the end of the year, in order to make available approximately $50 billion in additional funding to Ukraine. The loans will be serviced and repaid by the future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other relevant jurisdictions.

International partners will continue to pursue their vision also by strategizing, coordinating and steering their support for Ukraine's economic recovery and reconstruction through the Ukraine Donor Platform.

"In order to implement the above-mentioned commitments, we will each work to provide Ukraine with specific, bilateral support aligned with this joint declaration and with the bilateral security agreements and arrangements that have been negotiated and signed with Ukraine," the document reads.

For its part, Ukraine is committed to implementing its economic, judiciary, anti-corruption, corporate governance, defense, public administration, public investment management and law enforcement reforms.

"These reforms are necessary and will be vital to enabling long-term support for Ukrainian reconstruction and recovery," the declaration reads.

Earlier reports said that the Group of Seven had decided to provide Ukraine with a $50 billion loan by the end of 2024, using frozen Russian assets.