Ukraine asks G7 for $50 billion to cover budget shortfall

Ukraine has asked the G7 countries for $50 billion to help cover the war-torn country's budget shortfall, Oleh Ustenko, the economic adviser to Ukrainian President Volodymyr Zelensky, said Sunday.

Per Reuters, Ukraine "is also considering issuing zero percent coupon bonds to help it cover a war-linked budget deficit over the next six months."

The World Bank projected last week that Ukraine's economy is expected to shrink by 45.1 percent in 2022 as a result of Russia's invasion, though "the magnitude of the contraction will depend on the duration and intensity of the war."

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The Group of Seven is made up of the United States, the United Kingdom, France, Germany, Italy, Canada, and Japan, with the participation of the European Union. Russia joined the G7 in 1998 but had its membership suspended in 2014 in response to the annexation of Crimea.

In December, as Russia massed troops on Ukraine's border, the G7 signaled support for Ukraine, warning that "further military aggression ... would have massive consequences" for Russia.