G7 Finance Ministers Unite on Global Economic Imbalances, Russia Sanctions

The G7 finance ministers and central bank governors concluded their meeting in Banff, Canada, with a united pledge to address global economic challenges, including excessive imbalances, inflation, and economic security concerns. Despite tensions surrounding U.S. tariffs, the group reached consensus on promoting stable growth, fair international trade practices, and resilience of supply chains, while refraining from directly naming tariffs in their communique. The officials underscored the importance of collaboration to safeguard progress amid ongoing economic uncertainties and condemned Russia's war in Ukraine, supporting sanctions and asset immobilization until reparations are met. The meeting also touched on non-market policies, implicitly criticizing China's economic strategies, and emphasized frameworks for digital currencies and financial stability. Canadian Finance Minister Francois-Philippe Champagne highlighted the group's commitment to shared policy objectives and maintaining a rules-based multilateral trading system. Overall, the G7 showcased cohesion in navigating complex global economic issues ahead of the upcoming leaders' summit.