Prime Minister Fumio Kishida stated that Japan is ready to provide additional funds of around $4.5 billion to support Ukraine in its recovery efforts amid the war, as reported by Kyodo News.

At the G7 summit, where Kishida, who currently chairs the G7 this year, made the announcement, leaders pledged to continue supporting Ukrainian President Volodymyr Zelensky's peace initiative known as the "Ukraine’s Peace Formula," according to a statement released after their online summit.

"We are determined to support an independent, democratic Ukraine within its internationally recognized borders," the G7 statement said.

Zelenskyy, who took part in the event, repeated his call on the G7 members for continued aid, saying, "Russia hopes only for one thing -- that next year the free world's consolidation will collapse."

"Russia believes that America and Europe will show weakness and will not maintain support for Ukraine at the proper level," Zelenskyy added.

The G7 said in its statement that the group is "limiting Russia's ability to fund its illegal war by taking steps to limit Russia's energy revenue and its future extractive capabilities."