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Finance leaders from the Group of Seven (G7) industrial democracies on Wednesday condemned Iran's attack on Israel and pledged to continue work on "all possible avenues" to harness frozen Russian sovereign assets to aid Ukraine, Reuters reported.

In a joint statement issued after a meeting, the G7 finance ministers and central bank governors said they would "ensure close coordination of any future measure to diminish Iran's ability to acquire, produce, or transfer weapons to support destabilizing regional activities."

The G7 finance officials said they were strongly committed to help Ukraine meet urgent short-term financing needs as it struggles against Russia's invasion, including harnessing extraordinary revenues stemming from frozen Russian assets.

"We reaffirm our determination to ensure that Russia pays for the damage it has caused to Ukraine. Russia’s sovereign assets in our jurisdictions will remain immobilized until then, consistent with our respective legal systems," the G7 officials said, as quoted by Reuters.

Earlier on Wednesday, European Union (EU) leaders decided to step up sanctions against Iran after Tehran's missile and drone attack on Israel.

In a statement published after a summit in Brussels, EU leaders condemned the Iranian attack, reaffirmed their commitment to Israel's security and called on all sides to prevent more tensions, including in Lebanon.

"The European Union will take further restrictive measures against Iran, notably in relation to unmanned aerial vehicles (UAVs) and missiles," the leaders said.

On Tuesday, US National Security Adviser Jake Sullivan announced that the US will impose new sanctions on Iran following its attack on Israel.

“In the coming days, the United States will impose new sanctions targeting Iran, including its missile and drone program as well as new sanctions against entities supporting the Islamic Revolutionary Guard Corps (IRGC) and Iran’s Defense Ministry. We anticipate that our allies and partners will soon be following with their own sanctions,” he said in a statement.