"Putin must not be allowed to triumph" said Chancellor Olaf Scholz of Germany in the G-7 final statement.

The world's major industrial powers have pledged to make Russia pay a heavy price for its invasion of Ukraine, Olaf Schulz has confirmed.

He told a press conference following the Group's summit: "The G7 stands together in its support for Ukraine."

"We will continue to raise the political and economic cost of this war for President Vladimir Putin and his regime."

The G7 industrialized countries gathered in Bavaria in Germany on Tuesday urged countries and companies with "large food stocks" to help alleviate the hunger crisis caused by the Russian war in Ukraine and pledged an additional $ 4.5 billion to combat food insecurity.

"We ask all our partners with large food stocks, as well as the private sector, to make food available without harming the market," the G7 said in a statement.

"All States should avoid overstocking food that would increase prices further".

The Group of Seven reiterated its "urgent appeal to Russia to cease unconditionally its blockade of Ukrainian ports overlooking the Black Sea, its destruction of port structures, major transport vehicles, grain silos and stations, its illegal seizure of agricultural products and equipment in Ukraine and all other activities that impede the production and export of Ukrainian food products and exports".

"These actions can only be regarded as a geopolitical aggression against global food security," the group said.