G7 nations agree to provide nearly $20 billion to support Ukraine's economy. Ukraine needs approximately $5 billion per month to maintain basic government services. The United States is contributing more than $9 billion in short-term financing. The U.S. pressed its allies to do more to help secure Ukraine’s future.

The European Commission previously agreed to provide up to 9 billion euros of financial assistance. The statement did not break down how much the other Group of 7 nations will contribute. The economic policymakers also acknowledged that more fallout from the war lies ahead. They pledged on Friday to keep markets open as they combat rising food and energy prices around the world.

The two-day summit on the outskirts of Bonn came at a pivotal time for the world economy. Concern mounting that a combination of war, supply chain problems and the lingering effects of the pandemic could lead to a contraction in global output. “We are very concerned about crises and macroeconomic developments,” Christian Lindner, Germany’s finance minister, said.

Finance ministers discussed ways to keep pressure on Russia while minimizing the damage to their economies. They debated the merits of a European embargo on Russian oil and whether seized Russian assets could be used to pay for Ukraine’s reconstruction. “The values of the international community have been totally discarded by Russia,” Mr. Lindner said.
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