Ukraine aid is the best boost for global economy, US Treasury Secretary says

Redoubling support for Ukraine is the best way to improve the international economy, US Treasury Secretary Janet Yellen said on the sidelines of a G20 summit of finance ministers in India.

Yellen also said she would "push back" on criticism there was a tradeoff between aid to Ukraine and developing nations.

Ending this war is first and foremost a moral imperative, she told reporters in Gandhinagar. But it's also the single best thing we can do for the global economy.

Russia's full-scale invasion has caused food and fuel prices to soar. Many countries rely on Ukraine's grain and other food exports, which Russia's warships in the Black Sea blocked and interfered with.

Japan's Finance Minister Shunichi Suzuki, speaking after a G7 meeting of ministers, "reconfirmed the G7's unshakeable support" to Ukraine.

We confirmed that Russia-owned assets that are under the G7's supervision would not be transferred until Russia pays damages to Ukraine, Suzuki said, adding that Moscow should also "pay long-term reconstruction costs."

After visiting Kyiv in February, Yellen said she saw the massive difference foreign aid made for the country.

As the prices soar, the US has already announced an additional $1.3 billion package of financial assistance to help Ukraine recover from the Russian invasion, with most of the funds going to rebuild the country's energy system and critical infrastructure.

The UK also announced that it would provide Ukraine with new financial assistance in the amount of $3 billion over the next three years.

The European Investment Bank (EIB) will allocate €840 million for the implementation of priority projects to restore Ukraine's infrastructure in 2023.