Top economic officials from the Group of 7 nations gathered in Banff, Canada, reiterated their unwavering commitment to supporting Ukraine as the war with Russia persists. During the meeting, they denounced Russia's actions and vowed to provide economic resources to help Ukraine sustain its economy and assist in reconstruction efforts. The leaders discussed tightening the existing price cap on Russian oil exports to further hurt Russia’s economy amid a backdrop of mixed signals concerning tariffs and trade relations.
In a communique issued after the meetings, G7 finance ministers emphasized, "We condemn Russia’s continued brutal war against Ukraine and commend the immense resilience from the Ukrainian people and economy." The officials stressed the need for a just and durable peace while making it clear that the G7 would explore all options, including enhanced sanctions, if no cease-fire were achieved.
This show of unity comes despite tensions within the G7 regarding economic policy and trade, particularly relating to the U.S. stance towards Russia, which has fluctuated under President Trump's administration. The discussions reinforced the collective stance against Russia, albeit with a noted shift in rhetoric compared to past statements, which had described Russia's invasion in much harsher terms a year prior.
As the G7 ministers left Banff, they remained resolute in their determination to support Ukraine's territorial integrity and independence in the face of an ongoing conflict that has significant global implications.
