Countries or companies that have supported Russia's war industry will not be permitted to participate in reconstruction of Ukraine - Dombrovskis

RIGA - Countries or companies that have supported Russia's war industry will not be able to participate in the reconstruction of Ukraine, says Valdis Dombrovskis (New Unity), European Commissioner for the Economy, Productivity, Implementation and Simplification, who attended the G7 meeting of finance ministers and central bank governors in Canada.

The politician's office told LETA that the meeting agreed on a number of important issues, including a commitment to reduce trade conflicts and an agreement to continue supporting Ukraine in its fight for freedom and independence.

Dombrovskis stressed that the talks were held in a generally constructive atmosphere. Sensitive issues such as the uncertainty caused by US trade tariffs and their negative impact on economic development in the US, Europe and the world were also discussed.

"Clearly, there were differences of opinion between the US representatives on these issues, but I think it is commendable to see the commitment of all present to work towards reducing uncertainty and resolving trade conflicts," said the EC Commissioner representing the European Union at the G7.

He highlighted the agreement on strong support for Ukraine. According to Dombrovskis, the world's leading economies underline that they will continue to support Ukraine in its fight for sovereignty and freedom. In the absence of progress in the peace talks, pressure on Russia will be stepped up, including through additional sanctions.

"Ministers have reaffirmed that Russian state assets should remain frozen until Russia pays war reparations. The agreement also stipulates that countries or companies that have supported Russia's war industry or Russia's hostilities in Ukraine will not be allowed to participate in the reconstruction of Ukraine," Dombrovskis said.

For his part, the EC Commissioner underlined the EC's proposal to reduce the ceiling on the price of Russian oil, for example to USD 50 per barrel, as the current sanctions ceiling is currently higher than the market price of Russian oil.

The politician's office notes that according to current World Bank estimates, the reconstruction of Ukraine will require around USD 524 billion over the next ten years, including from private capital.

The G7 conclusions commit to work on reducing global macroeconomic imbalances, strengthening economic security, strengthening the financial system, and developing a deeper understanding of the impact of artificial intelligence on productivity growth and the labor market.

This year marks the 50th anniversary of the G7 format, bringing together the world's leading economies - the US, the UK, Germany, France, Italy, Japan and Canada. The EU and the European Central Bank also attend the meetings.