G7 backs Ukraine with 5-point plan to confront Russia

Pledges made after online meeting include further action against Russian banks and president's associates

French President Emmanuel Macron takes part in a video conference of G7 leaders on Ukraine. Photo: EPA

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The G7 group of nations have said they would take further steps to isolate Russia and provide new backing for the Ukrainian military after a meeting on Sunday.

The pledges included the further targeting of Russia's financial system and economy to ensure that Russian President Vladimir Putin is unable to win the war.

They said they would step up financial support beyond the $24 billion pledged for 2022 and into the future, according to a joint statement issued by the White House.

The G7 leaders issued a five-point plan that includes phasing out their dependency on Russian energy and taking measures against key services upon which Russia depends.

They also said they would target its financial system, fight efforts to spread Russian propaganda and “continue and elevate” the campaign against financial elites and family members who support Mr Putin.

The group's leaders held a video conference with Ukrainian President Volodymyr Zelenskyy in which they reassured him "of our continued readiness to undertake further commitments to help Ukraine secure its free and democratic future".

The G7 — the UK, US, France, Germany, Italy, Canada and Japan — condemned Russia's "indiscriminate attacks against civilians and civilian infrastructure which has resulted in terrible humanitarian catastrophe" in Europe.

"The G7 and Ukraine stand united in this difficult time and in their quest to ensure Ukraine’s democratic, prosperous future," the statement said.

"We remain united in our resolve that President Putin must not win his war against Ukraine."