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Report: G7 countries set to approve $18 billion for Ukraine

(c) Copyright 2022, dpa (www.dpa.de). Alle Rechte vorbehalten

The Group of Seven leading economies are set to agree on more than $18 billion in aid for Ukrainian defense efforts as meetings of finance ministers close Friday, Germany's finance minister told Bloomberg Television.

“I think it’s a very good signal that the G-7 nations are standing shoulder to shoulder with Ukraine because they are not only defending themselves, they are defending our values,” German Finance Minister Christian Lindner said in an interview with Bloomberg.

A representative from the U.S. Treasury Department declined to verify the amount allocated, and a spokesman from the German finance ministry declined to comment to The Associated Press.

U.S. Treasury Secretary Janet Yellen and other leaders spoke this week about the need for allies to put together enough additional aid to help Ukraine “get through" the Russian invasion.

“All of us pledged to do what’s necessary to fill the gap,” Yellen said Thursday as the ministers finished their first of two days of talks. "We’re going to put together the resources that they need.”

The G-7 finance ministers also have grappled with deepening inflation, food security concerns and the immediate effects of Russia’s war in Ukraine during their talks.

Lindner, the meeting’s host, told reporters ahead of the meeting that Ukraine will likely need “a number of double-digit billion euros” over the coming months.

As the finance ministers were meeting in Germany, the U.S. overwhelmingly approved its own $40 billion infusion of military and economic aid for Ukraine and its allies. The legislation was backed by every voting Democrat and most Republicans.