By David Lawder

WASHINGTON (Reuters), – World Bank President David Malpass indicated on Sunday that the bank might be able provide Ukraine with additional financial resources in a matter of days. G7 finance officials will also discuss the possibility of providing further aid to the country.

Malpass said that while he didn’t know what the future holds for Ukraine, he is still considering it. However, a CBS “Face the Nation” interview revealed that the bank “does everything possible to help the people of Ukraine.”

Malpass stated, “We have an instrument right now that can move quickly within the next few days. If it’s necessary – and the conditions go that way.” The board was briefed on Thursday. Other countries can add to it if they wish to support Ukraine.

The disbursement to Ukraine in days is a significant acceleration of World Bank financing options, which Malpass had discussed with Volodymyr Zelenskiy a week before. Malpass said at that point that the bank was preparing a $350 million disbursement towards Ukraine, which the board would review by March’s end.

Malpass indicated that he would attend a meeting via videoconference of finance ministers from G7 Western democracies. The participants will be able to discuss alternative options and make decisions about how much money goes to Ukraine.

Sources familiar with G7 plans say finance leaders will also be discussing the new round of sanctions against Russia to sanction Moscow’s involvement in the invasion of Ukraine. This includes moves by the United States, its allies, to remove key Russian banking institutions from SWIFT and impose sanctions upon Russia’s central banks in order to reduce its foreign currency reserves of $630 billion.

Malpass said that the World Bank and the International Monetary Fund were looking at ways to assist countries near Ukraine in supporting their reception of Ukrainian refugees.

The conflict with Russia and the financial sanctions placed on Russia by the West would cause more hardship to the Russian population, as Russia’s rouble has experienced a dramatic fall in value.

“You’re right, it is tragic now for Ukrainians as well for Ukraine’s neighbors, but also the Russians,” he stated. They did not choose war.