WASHINGTON: Finance ministers and central bank chiefs of the Group of Seven major democracies Wednesday reaffirmed their “unwavering support” for Ukraine amid its war with invading Russia.

“We remain committed to implementing and enforcing further financial and economic sanctions” against Russia, the top G7 finance and monetary officials said in a statement released after their meeting in Washington. “We are united in our condemnation of this war and call on Russia to immediately end it,” the statement said.

From Japan, Finance Minister SUZUKI Shunichi and Bank of Japan Governor Kazuo Ueda attended the meeting. Ukrainian Finance Minister Sergii Marchenko also participated in the talks.

At a time when the yen, the won and the currencies of many developing and emerging countries are falling sharply against the dollar, the officials reconfirmed the G7 commitment of May 2017 that “excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.”

“The G7 commitment to policy responses was reaffirmed based on Japan’s stance,” Japanese Vice Finance Minister for International Affairs Masato Kanda told reporters after the meeting.

The finance ministers and top central bankers also shared concerns over the risk to the global economy, including energy prices, from the situation in the Middle East, where turmoil is deepening due to Iran’s recent attack on Israel.

“We will ensure close coordination of any future measure to diminish Iran’s ability to acquire, produce or transfer weapons to support its destabilizing regional activities,” the statement said.

The G7 groups Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union.

In Washington later on Wednesday, the finance ministers and central bank chiefs of the Group of 20 advanced and emerging economies started their two-day meeting.

At the meeting, Brazil, this year’s G20 chair, aims to focus on strengthening the functions of multilateral development banks and financing issues for climate change measures while skipping controversial topics such as the situations in Ukraine and the Middle East, sources familiar with the matter said. A joint statement is unlikely to be adopted at the G20 session.

Jiji Press