‘No return for Russia a Putin to face long-lasting isolation as G7 gives Ukraine $10bn

Germany is 'isolating Russia completely' says finance minister

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Christian Lindner, Germany’s finance minister since December 2021, said Germany is “isolating Russia completely” as Putin continues to wage war in Ukraine. After accusations that Germany was being slow to react to the invasion and wean itself off Russian energy exports, Mr Linder claimed there will be “severe long-term consequences” for Russia and that Germany will be “completely independent” from them. 

Mr Linder, speaking at a G7 meeting of finance ministers in Germany, said: “We are isolating Russian completely. Politically, economically, and financially. 

“Putin has to stop this war. There is no chance to return to business as usual. 

“And there will be severe long-term consequences for Russia and its economy. 

“For example, Germany is working hard to be completely independent from Russian imports, when it comes to coal or oil commodities or natural gas.” 

The finance minister was hosting a G7 event focussing on the Ukraine crisis and measures to support the defending nation in the immediate and longer-term. 

The President of Eurogroup, which is a collective term for informal meetings of EU member states’ finance ministers, Paschal Donohoe, said ahead of the talks that the politicians continue to work on returning “our economies to growth” notwithstanding the Russian invasion of Ukraine. 

He said: “We face a challenging, uncertain time as we continue to work on returning our citizens to health and our economies to growth, particularly in light of the unwarranted action by Russia against Ukraine. 

“This meeting offers an opportunity to discuss collective efforts to manage these challenges and to coordinate our response.”

The financial leaders also agreed today on $9.5 billion (£7.6 billion) in new aid to Ukraine. 

They promised enough money to keep the country’s devastated economy afloat as long as it fights against Russia’s invasion.

Finance ministers and central bank governors of the United States, Japan, Canada, Britain, Germany, France, and Italy said their support for Ukraine in 2022 so far would be $19.8 billion (£15.9 billion). 

The German finance ministry clarified the total included $10.3 billion already promised or disbursed earlier.

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The lion’s share of the new provisions will come from the United States, which have pledged $7.5 billion (£6 billion) in grants

Germany promised $1 billion (£801 million) and the remaining costs will be covered by the other G7 countries in the form of guarantees and loans, the German ministry said.

The G7, in a statement from outside the German city of Bonn, added: “We will continue to stand by Ukraine throughout this war and beyond and are prepared to do more as needed.” 

Ukraine estimates it needs some $5 billion (£4 billion) a month to keep public employees’ salaries paid and the administration working despite the daily destruction wrought by Russia.

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