The Group of Seven major countries decided Wednesday to introduce import restrictions on Russian diamonds next month as part of efforts to support Ukraine amid the invasion and reduce revenues Moscow can make from the trade.
The G7 leaders will also continue to support Ukrainian President Volodymyr Zelenskyy's peacebuilding initiative called Peace Formula, while underscoring the importance of reducing conflicts and protecting civilians in the Gaza Strip, 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.
Japanese Prime Minister Fumio Kishida, who represents this year's G7 chair, told the summit that Tokyo is ready to provide some $4.5 billion in additional funds to help war-torn Ukraine in its recovery efforts.
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."
As part of these steps, the G7 will introduce import restrictions on "nonindustrial diamonds, mined, processed, or produced in Russia," followed by further phased restrictions on the import of Russian diamonds processed in third countries.
On the situation in the Middle East, the statement said that "more urgent action is needed to address the deteriorating humanitarian crisis in Gaza and minimize civilian casualties."
While supporting and encouraging "further humanitarian pauses" to enable aid, the G7 also urged "the immediate release of all remaining hostages without preconditions" by the militant group Hamas.
On the closely watched issue of artificial intelligence, the G7 renewed its commitment to advancing international discussions on the issue, but noted that approaches and policy instruments to achieve the common goal of trustworthy AI may vary across G7 members.
The G7 members have worked to establish rules to avoid the misuse of AI technology after their leaders agreed in May to launch the Hiroshima AI Process, named after the western Japanese city where an in-person summit was held.
Ahead of the online summit, G7 digital ministers came up with advanced AI guidelines for developers and users to mitigate risks amid the rapid spread of generative AI tools, including ChatGPT.
The G7 comprises Britain, Canada, France, Germany, Italy, Japan, the United States and the European Union.