to obtain the material it needs to replenish its munitions and to, for example, repair 9,000 tanks that have been destroyed because of the war," she added. Russia is now running a significant budget deficit," Yellen said. "Our sanctions have had a very significant negative effect on Russia so far. US Treasury Secretary Janet Yellen told the G7 meeting that the unprecedented Western sanctions imposed on Moscow over the last 12 months were hurting Russia badly. In India, group of Seven finance ministers met in the city of Bengaluru to discuss further sanctions and more financial help for Ukraine.Ī senior US official has said that the United States and its G7 allies planned to unveil "a big new package of sanctions" around the anniversary, including measures to crack down on the evasion of existing sanctions. In Moscow, President Vladimir Putin promised to boost arms production as Russia marked the annual "Defender of the Fatherland Day" holiday. "I am sure that we will be victorious, but we don't know how long we will have to wait and how many victims there are still to come." "This has been the most difficult year of my life and that of all Ukrainians," said Diana Chestakova, 23, who works for a publishing house and whose boyfriend has spent the last year away in the military. The approach of the first anniversary of Russian troops storming across the border on Februhas seen Western leaders step up their show of unity with Kyiv, with the Spanish prime minister on Thursday the latest leader to visit the capital. The year-long conflict has devastated swathes of Ukraine, turned Russia into a pariah in the West and according to Western sources, has caused 150,000 casualties on each side. G7 ministers on Thursday discussed imposing fresh sanctions on Russia on the eve of the first anniversary of Moscow's invasion of Ukraine, as the UN General Assembly prepared to vote on a motion calling for "lasting" peace.
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