Financial news

G7 and EU foreign ministers discuss support of Ukraine in war against Russia, issue new sanctions against Iran – JURIST

G7 leaders and EU foreign ministers Monday held several meetings to discuss the implementation of new sanctions against Iran and economic support for Ukraine in the country’s ongoing war against Russia. EU foreign ministers adopted a new round of sanctions against Iran and discussed, but did not yet adopt, further sanctions against Russia. G7 leaders also recommitted to supporting Ukraine through economic aid and sanctions packages against Russia.EU foreign ministers began their meetings early Monday morning by discussing and agreeing to increase the European Peace Facility’s (EPF) debt ceiling by €2 billion for 2023. The EPF was established in March 2021 to help prevent conflict, preserve peace and strengthen international security. The EPF has been instrumental in coordinating EU support to Ukraine.EU foreign ministers discussed implementing their ninth sanctions package against Russia. Though no package was agreed to, agreement is expected within the week. The new package would include additional sanctions against approximately 200 individuals and entities, primarily targeting Russia’s defense, government, judiciary, news media and military sectors. Despite no official agreement on Russia sanctions, EU foreign ministers did agree to an additional round of sanctions against Iran for both Iran’s support of Russia in its war against Ukraine and ongoing human rights violations against Mahsa Amini protestors. The new package targets 21 individuals and entities.G7 leaders also met Monday, joined by Ukrainian President Volodymyr Zelenskyy. Together, G7 leaders recommitted to supporting Ukraine through defense supplies and economic aid. G7 leaders also condemned Russia’s actions, specifically regarding recent attacks on Ukrainian infrastructure and rhetoric regarding the use of nuclear weaponry. As a result, several G7 countries have already implemented new rounds of sanctions against Russia. Those who have not yet issued additional sanctions recommitted to maintaining and intensifying “economic pressure on Russia.”In a statement, G7 leaders said:This year in the face of Russia’s illegal, unjustifiable and unprovoked war of aggression against Ukraine, we stood more united than ever, together with Ukraine and in unwavering commitment to our shared values, the rules-based multilateral order and international cooperation. Today, we reaffirm our unwavering support for and solidarity with Ukraine in the face of ongoing Russian war of aggression for as long as it takes.International leaders are also set to gather Tuesday at a conference in Paris to discuss how best to support Ukraine through the winter months as Russian forces continue to attack the country’s infrastructure and energy sources. The heads of 47 countries and UN Secretary General Antonio Guterres are expected to attend.

William Charles Potter