Economic Diplomacy

February 14, 2015

We, the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, the President of the European Council and the President of the European Commission welcome the “Package of Measures for the Implementation of the Minsk Agreements” adopted by their original signatories on 12th February 2015 in Minsk. Implementation of the “Minsk Package” offers a way forward to a comprehensive, sustainable, and peaceful resolution to the crisis in eastern Ukraine.

However, the G7 remains concerned about the situation in Ukraine, in particular in view of the fighting around Debaltseve where Russian-backed separatist militias are operating beyond the line of contact agreed upon in the Minsk agreements of September 2014, causing numerous civilian casualties. We urge all sides to adhere strictly to the provisions of the Package and to carry out its measures without delay, starting with a ceasefire on the 15th of February. All parties should refrain from actions in the coming days that would hinder the start of the ceasefire. The G7 stands ready to adopt appropriate measures against those who violate the “Minsk package” and therefore intensify the costs for them, in particular against those who do not observe the agreed comprehensive ceasefire and withdrawal of heavy weapons.

We again condemn Russia's illegal annexation of Crimea which is in violation of international law.

The G7 welcomes the agreement in principle reached on the 12th of February by the IMF and the government of Ukraine on a new economic reform program that will be supported by an IMF Extended Fund Facility. The G7 members look forward to prompt consideration of the program by the IMF Executive Board. We are providing financial assistance to support Ukraine. This international assistance will help Ukraine in the ambitious economic reforms it is undertaking to restore economic growth and improve the living standards of the Ukrainian people. We commend the government of Ukraine for its commitment to implement this ambitious reform agenda with regard to economic, rule-of-law, and democratic reforms.

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