“With a view to supporting Ukraine’s current and future needs in the face of a prolonged defense against Russia, the G7 will launch 'Extraordinary Revenue Acceleration (ERA) Loans for Ukraine', in order to make available approximately USD 50 billion in additional funding to Ukraine by the end of the year,” the statement read.
The G7 intends to provide financing that will be repaid by “future flows of extraordinary revenues stemming from the immobilization of Russian Sovereign Assets held in the European Union and other relevant jurisdictions”.
The group also said that Russia needs to "pay for the damage" of Ukraine, adding that these damages now exceed $486 billion.
"Russia must … pay for the damage it has caused to Ukraine. These damages now exceed USD 486 billion, according to the World Bank. It is not right for Russia to decide if or when it will pay for the damage it has caused in Ukraine. Russia’s obligations under international law to pay for the damage it is causing are clear, and so we are continuing to consider all possible lawful avenues by which Russia is made to meet those obligations," the statement read.
Russian assets will remain immobilized until "Russia ends its aggression and pays for the damage it has caused to Ukraine", the G7 said.
"We will continue to apply significant pressure on Russian revenues from energy and other commodities. This will include improving the efficacy of the oil price cap policy by taking further steps to tighten compliance and enforcement, while working to maintain market stability," the statement read.
Any use of nuclear weapons by Russia in Ukraine would be "inadmissible," the G7 group pointed out.
"Any use of nuclear weapons by Russia in the context of its war of aggression against Ukraine would be inadmissible. We therefore condemn in the strongest possible terms Russia’s irresponsible and threatening nuclear rhetoric as well as its posture of strategic intimidation, including its announced deployment of nuclear weapons in Belarus," the statement read.
The G7 countries also said that any use of "chemical, biological, radiological or nuclear weapons" by Moscow would be met with "severe consequences".
The group pledged to continue taking measures against actors in China and other countries that financially assist Russia "war machine".
"We will continue taking measures against actors in China and third countries that materially support Russia’s war machine, including financial institutions, consistent with our legal systems, and other entities in China that facilitate Russia’s acquisition of items for its defense industrial base," the statement read.
The G7 members also said that they will take "robust action" against actors who help Russia circumvent Western sanctions.
"We call on financial institutions to refrain from supporting and profiting from Russia’s war machine. We will take further steps to deter and disrupt this behaviour," the statement read.
The G7 noted that it supports a comprehensive deal on a ceasefire in the Gaza Strip outlined by US President Joe Biden.
"We fully endorse and will stand behind the comprehensive deal outlined by President Biden that would lead to an immediate ceasefire in Gaza, the release of all hostages, a significant and sustained increase in the flow of humanitarian assistance throughout Gaza, and an enduring end to the crisis, with Israel’s security interests and safety for Palestinian civilians in Gaza assured," the statement read.
The G7 countries also confirmed their support to the two-state solution of the Palestine-Israel conflict.
The G7 group added that it condemns attacks by Yemen’s Houthi rebels against international and commercial vessels in the Red Sea and the Gulf of Aden.
"We condemn the ongoing attacks perpetrated by the Houthis against international and commercial vessels transiting through the Red Sea and Gulf of Aden. These illegal attacks must end. We call for the immediate release by the Houthis of the Galaxy Leader and its crew. We reiterate the right of countries to defend their vessels, in line with UNSCR 2722 and in accordance with international law," the statement read.
The G7 countries reaffirmed their commitment to resolving the Middle Eastern conflict on the basis of a two-state solution.
"We reiterate our unwavering commitment to the vision of the two-state solution where two democratic States, Israel and Palestine, live side by side in peace within secure and recognized borders, consistent with international law and relevant UN resolutions, and in this regard stress the importance of unifying the Gaza strip with the West Bank under the Palestinian Authority," the group's joint statement read.
The leaders of the G7 states added that "mutual recognition, to include the recognition of a Palestinian state, at the appropriate time, would be a crucial component of that political process."