The Group of Seven (G7) leaders in a joint statement agreed on Friday to strengthen sanctions against Russia and promised financial assistance to Ukraine, affirming that support for the country will not waver.

"Our support for Ukraine will not waver. We will not tire in our commitment to mitigate the impact of Russia’s illegal actions on the rest of the world," the G7 statement reads. It includes the United States, Japan, Germany, the United Kingdom, France, Canada, and Italy.

The leaders assured that they are renewing their commitment to provide the financial, humanitarian, military and diplomatic support Ukraine requires for as long as it takes.

"We are imposing further sanctions and measures to increase the costs to Russia and those who are supporting its war effort. And we are taking steps to support partners worldwide as they navigate the suffering caused by the Russia's war, including through humanitarian assistance," the statement adds.

G7 also plans to develop "successful efforts" to prevent Russia from using energy as a weapon.

"Since February 2022, we have adopted sanctions, import bans, and other measures to reduce our dependence on Russia’s source of energy. In addition, in Elmau, we agreed to launch a price cap on Russian oil and petroleum products. This is working. Russia’s revenues are down. Global oil and gas prices have fallen significantly, benefiting countries around the world," the statement concludes.

Amidst the summit, the UK has expanded sanctions against Russia (Ukr).

The White House stated that G7 countries were preparing new sanctions against Russia.

According to media reports, the G7 leaders at the summit in Hiroshima, Japan, would discuss the possible transfer of American F-16 fighter jets to Ukraine.