Friday, the financial chiefs of the Group of Seven agreed to provide $9.5 billion in new aid to Ukraine. They pledged to keep the country's damaged economy afloat as long as it battles against Russia's invasion.

The finance ministers and central bank governors of the United States, Japan, Canada, Britain, Germany, France, and Italy, together known as the G7, have estimated that their support for Ukraine in 2022 will total $19.8 billion. The German finance ministry explained that the sum includes $10,3 billion that had been already promised or disbursed.

According to the German ministry, the United States will provide $7.5 billion in grants, Germany will provide $1 billion in grants, and the remaining $1 billion will be covered by guarantees and loans from the other G7 nations according to the German ministry.

"We will continue to stand with Ukraine throughout this war and beyond, and we are prepared to do more if necessary," the G7 stated in a communique issued after their two-day conference outside of Bonn, Germany.

Despite Russia's daily destruction, Ukraine believes it needs approximately $5 billion per month to pay public employees' wages and run the government.

In addition to the aid provided by the G7, the European Union will provide Ukraine with €9 billion ($9.5 billion) in loans. The European Bank for Reconstruction and Development and the International Financial Corporation will provide an additional $3.4 billion in loans.

The G7 also urged help for Ukraine's long-term rehabilitation and recovery, describing it as a "massive joint effort" that will require tight coordination.

The cost of rebuilding Ukraine is estimated by economists to range between €500 billion and €2 trillion, depending on the length of the fighting and the extent of the destruction.

After the meeting, German Finance Minister Christian Lindner told a news conference that the G7 had considered the prospect of seizing Russian assets to fund the reconstruction of Ukraine, but no decision had been reached. "It is an option that requires further consideration," he said.

The war has forced Western powers to reevaluate decades-old relations with Russia in terms of security and oil, food, and global supply alliances ranging from microchips to rare earth.

The G7 reviewed plans to decrease Russia's income from energy exports, including the European Union's planned phased embargo, the formation of a buyers' cartel to cap crude oil prices, and the imposition of import duties on Russian oil.

U.S. officials proposed the latter as a strategy to reduce Moscow's oil earnings while maintaining Russian crude supply on the market to prevent price surges.

U.S. Treasury Secretary Janet Yellen stated, "Nothing has crystallized as a clear strategy during these discussions."

Another G7 official stated that the price ceilings and tariffs were problematic since companies had no motivation to comply, and consumers could shoulder the additional expenses.

G7 policymakers also reviewed the worldwide inflation rise aggravated by the war in Ukraine, which has caused a dramatic slowdown in economic development, creating the specter of stagflation — the dreaded 1970s mix of persistent price increases and economic stagnation.

The German central bank governor, Joachim Nagel, stated that negative interest rates were passed. At the same time, Lindner said that inflation posed a significant risk and must be brought down to 2 percent rapidly. The G7 communique indicated that interest rates would increase but in a manner that would not impede economic growth.

"G7 central banks... will... calibrate the pace of monetary policy tightening in a data-dependent and clearly communicated manner, ensuring that inflation expectations remain well-anchored while protecting the recovery," the G7 stated.