G7 Finance Ministers Discuss Economic Imbalances, Russian Oil Price Cap

The Group of Seven (G7) finance ministers and central bank governors met in the Canadian Rockies to address global economic imbalances and consider new sanctions against Russia, including a proposal to lower the price cap on Russian crude oil exports from $60 to $50 per barrel. European Commission Executive Vice President Valdis Dombrovskis highlighted the group's commitment to applying financial pressure on Russia to support Ukraine, describing the meeting as positive and successful despite tensions over U.S. tariffs. The ministers also discussed the impact of non-market policies, implicitly referencing China’s subsidies and export strategies, as well as concerns about low-value package shipments exploited by Chinese e-commerce firms. Canadian Finance Minister François-Philippe Champagne emphasized the strong trading relationship between Canada and the United States and expressed optimism about the summit's discussions, although no new trade deals with the U.S. were expected during the meeting. The summit set the stage for the upcoming G7 Leaders’ Summit in Kananaskis, Alberta, focusing on continued cooperation amid complex global economic challenges.