Top economic officials avoided a condemnation of U.S. tariffs but committed to trying to reduce “economic policy uncertainty.”
Top economic policymakers from the United States and other advanced economies agreed on Thursday to continue to support Ukraine and warned Russia of additional sanctions if there was no progress on peace, demonstrating a rare show of unity despite festering tension over tariffs and trade.
Finance ministers and central bankers of the Group of 7 nations continued to blame Russia for the war in Ukraine, despite some initial resistance from the United States, and pledged to provide resources to help Kyiv sustain its economy and pay for its reconstruction. Officials also discussed tightening the price cap that they enacted on Russian oil exports as a measure to further squeeze Russia’s economy.
“We condemn Russia’s continued brutal war against Ukraine and commend the immense resilience from the Ukrainian people and economy,” they said in a joint statement, or communiqué. “The G7 remains committed to unwavering support for Ukraine in defending its territorial integrity and right to exist, and its freedom, sovereignty and independence toward a just and durable peace.”
The statement added that if a cease-fire is not reached, “we will continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions.”
The agreement on Ukraine culminated after three days of meetings in Banff, Canada, the mountain resort where officials also discussed the risks to the global economy, confronting the threat of China’s excess industrial capacity and sanctions policy. The united stance on Ukraine came despite mixed signals from President Trump, who has both threatened Russia with tougher sanctions and indicated a willingness to walk away from Ukraine and open trade ties with Moscow.
The language about Russia in the statement had a softer tone compared with a year ago, when G7 finance ministers assailed Russia’s “illegal, unjustifiable, and unprovoked full-scale invasion of Ukraine.”