Japan ready to allocate $4.5 billion towards Ukraine's recovery efforts

During a virtual meeting with other G7 leaders, Japanese Prime Minister Fumio Kishida announced Japan's readiness to contribute $4.5 billion in additional funds to support Ukraine's recovery efforts, Kyodo News said, reported from Kyiv Independent.

President Zelenskyy, who took part in the call, stated that "Russia believes that America and Europe will show weakness and will not maintain support for Ukraine at the proper level,"

In response, the G7 said in its statement that the group hopes to limit "Russia's ability to fund its illegal war by taking steps to limit Russia's energy revenue and its future extractive capabilities."

The forum also decided to introduce import restrictions on Russian diamonds next month in a bid to cut off a lucrative source of income during the full-scale invasion of Ukraine. Russia is the world's largest diamond producer and its revenue from diamond sales last year exceeded $3.9 billion. The G7 countries represent around 70% of the world's diamond market.

The group will restrict imports of "nonindustrial diamonds, mined, processed, or produced in Russia," followed by further phased restrictions on the import of Russian diamonds processed in third countries.

The ban on Russian diamond sales is reportedly also meant to be included in the EU's upcoming 12th sanctions package. Earlier today, Canada also announced a ban on the direct import of Russian diamonds and related products in coordination with other Group of Seven (G7) countries.

Finally, G7 leaders reemphasized continued support for President Zelenskyy's Peace Formula during today's meeting.

Zelenskyy first unveiled the 10-point peace formula in November 2022 at the G20 summit. Supported by many Western allies, the plan calls for the restoration of Ukraine's territorial integrity, a complete withdrawal of Russian troops from Ukraine, and prosecution of those responsible for war crimes.

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