Finance ministers and central bank governors from the Group of Seven (G7) concluded their meeting in Banff, Canada, reaffirming their commitment to global economic stability and support for Ukraine amid ongoing geopolitical tensions.
Support for Ukraine: The G7 condemned Russia’s ongoing aggression in Ukraine and pledged unwavering support for Kyiv. They agreed to maintain sanctions on Russia and explore additional measures if a ceasefire is not achieved. Furthermore, they emphasized that countries or entities supporting Russia’s war efforts would be excluded from Ukraine’s reconstruction initiatives.
Economic Resilience: Acknowledging global economic challenges, the G7 committed to addressing unsustainable macroeconomic imbalances and enhancing cooperation to promote growth and productivity. They also discussed the need to monitor non-market policies that could distort global markets.
Combating Financial Crime: The ministers endorsed a “Financial Crime Call to Action,” aiming to strengthen frameworks against money laundering, terrorist financing, and the proliferation of weapons of mass destruction. This includes bolstering the role of the Financial Action Task Force (FATF) and enhancing international cooperation.
Trade and Tariffs: While the communiqué did not explicitly mention U.S. tariffs, discussions acknowledged the impact of trade tensions on global economic stability. Canadian Finance Minister François-Philippe Champagne noted that tariffs were a topic of conversation, emphasizing the importance of addressing such issues collaboratively.
The meeting sets the stage for the upcoming G7 Leaders’ Summit in Kananaskis, Alberta, scheduled for June 15–17, 2025.
