The escalating geo-political tension overshadowed the G7 gathering chaired by Japan, whose initial agenda focused on seeking solutions for heavily indebted low-income countries and speeding up reforms of multilateral development banks.
"We unequivocally condemn the recent terror attacks by Hamas on the state of Israel and express our solidarity with the Israeli people," the G7 finance ministers and central bank governors said in a joint statement after the meeting.
The group, made up of the United States, Britain, France, Germany, Italy, Canada and Japan, also voiced its resolve to enforce sanctions and other economic measures against Russia.
"We remain committed to countering any attempts to evade and undermine our sanctions measures," the G7 officials said, adding that they would monitor the effectiveness of price caps on Russian petroleum products and take "any necessary and appropriate enforcement actions required."
In a nod to a push made by Europe, the G7 members said they would consider ways to spend proceeds from frozen Russian assets for Ukraine's reconstruction.
"We will explore how any extraordinary revenues held by private entities stemming directly from immobilized Russian sovereign assets ... could be directed to support Ukraine and its recovery and reconstruction in compliance with applicable laws," the statement said.
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