Ukrainian President Volodymyr Zelensky called for "maximum" sanctions against Russia in a virtual address on the first day of the World Economic Forum in Davos, Switzerland, which gathers CEOs of large companies, state officials and other prominent figures.
He said sanctions must go further to stop Russian aggression, including an oil embargo, a freeze on all Russian banks and a complete freeze on trade with Russia.
"Sanctions should be like that - they should be maximal so that Russia and any other potential aggressor who wants to wage a brutal war against its neighbor clearly knows the immediate consequences of its actions," Zelensky said.
He said it should set a precedent that will work for decades to come.
He also called for a complete withdrawal of foreign companies from Russia to prevent supporting its war and said that Ukraine needs at least five billion dollars a month in funding.
The Group of Seven of the world's leading economies agreed on Friday to provide $19,8 billion in economic aid to Ukraine to help ensure that its financial difficulties do not hamper its ability to defend itself.
Zelenskiy said that the courage of his people has encouraged unprecedented unity in the democratic world.
His speech is the main event in Davos today, where a four-day gathering dedicated to making the world a better place has begun.
The meeting is being held live after a two-year hiatus due to the covid pandemic, and due to the uncertainty surrounding the omicron strain, this year's meeting has been moved from its usual winter date.
For those present, there are many issues to deal with at a time of rising food and energy prices, Russia's war in Ukraine, climate change, inequality and ongoing health crises.
World Economic Forum founder and president Klaus Schwab said at the opening: "This war is truly a turning point in history and will reshape our political and economic landscape for years to come."
A large Ukrainian state delegation is also attending the rally in person, pleading for Western aid in the country's fight against Russia.
Russian officials were not invited to Davos this year.
While Ukraine will be the focus of the meeting on the first day, climate and environmental issues will be a constant theme as the forum turns to future challenges as well as the present.
One-third of the roughly 270 panels that will be held until Thursday close will focus on climate change or its effects, with extreme weather, efforts to achieve net emissions and finding new, cleaner energy sources on the agenda.
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