Of the new money, the United States will provide $7.5 billion in grants, Germany another $1 billion in grants and the remaining $1 billion will be covered by the other G7 countries in the form of guarantees and loans, the German ministry said.

"We will continue to stand by Ukraine throughout this war and beyond and are prepared to do more as needed," the G7 said in a communique at the end of the two-day meeting outside the German city of Bonn.

Ukraine estimates it needs some $5 billion a month to keep public employees' salaries paid and the administration working despite the daily destruction wrought by Russia.

On top of the G7 aid, the European Union is to offer 9 billion euros ($9.50 billion) in loans to Ukraine and the European Bank for Reconstruction and Development and the International Financial Corporation are to offer another $3.4 billion in loans.

The G7 also called for supporting long-term reconstruction and recovery of Ukraine, calling it a "massive joint effort" that will need to be closely coordinated.

Economists' estimates of the cost of rebuilding Ukraine vary widely between 500 billion euros and 2 trillion euros, depending on the assumptions on the length of the conflict and the scope of destruction.

German Finance Minister Christian Lindner told a news conference after the meeting the G7 discussed the possibility of confiscating Russian assets to finance the reconstruction of Ukraine, but there was conclusion yet. "It is an option that still needs to be thought through," he said.