BENGALURU - The Group of Seven (G-7) finance ministers once again condemned Russia’s war in Ukraine on the eve of its one-year mark and pledged to increase financial support for Ukraine. 

They increased their budget to US$39 billion (S$52 billion) and reaffirmed their “unwavering support for Ukraine”, calling Russia’s aggression “illegal, unjustifiable and unprovoked” in a statement issued on Thursday.

The increase in funding will enable Ukraine to continue delivery of basic services and carry out critical repairs of damaged infrastructure, apart from stabilising the economy. 

“We re-emphasise our shared commitment to our coordinated economic measures in response to Russia’s war of aggression,” Mr Shunichi Suzuki, Japan’s Finance Minister and this year’s G-7 chair, said from Bengaluru, India. “Our sanctions have significantly undermined Russia’s capacity to wage its illegal war.”

US Treasury Secretary Janet Yellen told the G-7 meeting that Western sanctions imposed on Moscow were hurting Russia badly. “Russia is now running a significant budget deficit,” she said. “It is finding it extremely difficult... to obtain the material it needs to replenish its munitions and to, for example, repair 9,000 tanks that have been destroyed because of the war.”

The G-7 gathering took place in Bengaluru, formerly known as Bangalore, where G-20 finance ministers and central bank governors are meeting on Friday and Saturday. The smaller group of developed nations showed their united front behind Ukraine, expecting that G-20 messaging may be watered down. 

Japanese Prime Minister Fumio Kishida is set to host Ukrainian President Volodymyr Zelensky at an online G-7 summit on Friday. This week, Mr Kishida has announced Japan would provide US$5.5 billion in fresh aid for Ukraine.

The year-long conflict has devastated swathes of Ukraine, turned Russia into a pariah in the West and according to Western sources, has caused 150,000 casualties on each side.

The approach of the first anniversary of Russian troops storming across the border on Feb 24, 2022 has seen Western leaders step up their show of unity with Kyiv, with the Spanish Prime Minister on Thursday the latest leader to visit the capital.

In New York, the United Nations General Assembly was on Thursday to bring to a vote a motion backed by Kyiv and its allies calling for a “just and lasting peace”.

“Never in recent history has the line between good and evil been so clear. One country merely wants to live. The other wants to kill and destroy,” Ukrainian Foreign Minister Dmytro Kuleba told the world body.

The Kremlin’s UN ambassador accused the West of being “ready to plunge the entire world into the abyss of war” to defeat Russia.

In Moscow, Russian President Vladimir Putin promised to boost arms production as Russia marked the annual “Defender of the Fatherland Day” holiday.

On Thursday, he laid flowers at the Tomb of the Unknown Soldier in Moscow before meeting soldiers in Red Square under blue skies and brisk temperatures. “We will pay priority attention to strengthening our defence capabilities,” he said in a video address.

Russia will equip troops with “new strike systems, reconnaissance and communication equipment, drones and artillery systems,” he added, hailing Russian soldiers who he said were fighting “heroically” in Ukraine and defending “our historical lands”.

Russia’s “unbreakable unity is the key to our victory,” he said.

China-Russia ties

Nato Secretary-General Jens Stoltenberg said on Thursday the alliance had seen signs that China was considering supplying arms to Russia.

The announcement came days after US Secretary of State Antony Blinken warned China of consequences if it provided material support to Russia’s invasion of Ukraine.

“We haven’t seen any supplies of lethal aid from China to Russia, but we have seen signs that they are considering and may be planning for that,” Mr Stoltenberg said. “That’s the reason why the United States and other allies have been very clear, warning against that. And China should of course not support Russia’s illegal war,” he added.

There was no immediate comment from China, but its Foreign Ministry said earlier on Thursday any potential intelligence on arms transfer by China to Russia that the United States plans to release was just speculation.

US President Joe Biden on Wednesday wrapped up a three-day visit to Europe to meet the leaders of Nato and east European countries.

Mr Biden and European leaders in Warsaw vowed to “reinforce our deterrence and defence posture across the entire Eastern flank from the Baltic to the Black Sea”.

In Moscow, Russia strengthened ties with China as Mr Putin met Beijing’s top diplomat, Mr Wang Yi, after Washington and Nato voiced concern that China could be preparing to supply Russia with weapons.

Mr Putin said cooperation between Russia and China was “very important to stabilise the international situation”.

A readout published by Chinese state news agency Xinhua after the meeting quoted Mr Wang as saying that China was willing to “deepen political trust” and “strengthen strategic coordination” with Russia.

China would “uphold an objective and fair position and play a constructive role in solving the crisis through political means”, it said.

Moscow said on Wednesday that Beijing had presented its views on paths towards a “political settlement” in Ukraine following Mr Wang’s visit.

When the Kremlin launched its invasion of Ukraine, it was designed to be a rapid conquest leading to capitulation and the installation of a pro-Russian regime.

Since then, Russia has been forced to give up ground but has kept up a barrage of drone and missile attacks, while the military and civilian toll has spiralled. BLOOMBERG, AFP, REUTERS