G7 to block Russia's allies from profiting off Ukraine's reconstruction

The statement said that they had agreed to work closely with Ukraine to ensure that no country, organization, or entity from states that had financed and supported Russia’s war machine would be able to profit from Ukraine’s reconstruction.

At the same time, the G7 emphasized the importance of mobilizing the private sector for Ukraine’s recovery and rebuilding efforts. The group pledged to help build investor confidence through bilateral and multilateral initiatives. One key effort will be pushing for the swift removal of the full ban on international companies providing insurance services in Ukraine.

"We will continue to coordinate support to promote the early recovery and reconstruction of Ukraine, including at the Ukraine Recovery Conference, which will take place in Rome on July 10-11, 2025," the G7 statement concluded.

For context, in February 2025, Ukrainian Prime Minister Denys Shmyhal estimated that the country’s reconstruction would cost approximately 500 billion euros.

Yesterday, German Finance Minister Lars Klingbeil announced that G7 finance ministers agreed to continue supporting Ukraine in its defense against the Russian invasion.

Klingbeil said during the summit in Canada that it was clear G7 support would remain steadfast and that Ukraine could count on strong solidarity and substantial backing from G7 countries.

The final G7 communique reaffirmed the group’s "commitment to unwavering support for Ukraine in defending its territorial integrity and right to exist, and its freedom, sovereignty, and independence toward a just and durable peace." While welcoming efforts to achieve a ceasefire, the communique also stated that if a ceasefire fails, the G7 will continue exploring options to increase pressure, including through enhanced sanctions.